Reebok will be launching its new retail concept in New York City at Heritage Realty Services’ 420 Fifth Avenue this coming June.
The new store is part of a partnership between Reebok and CrossFit — the fitness craze combining strength training, gymnastics and aerobic conditioning that has taken the country by storm — and will sell Reebok CrossFit branded clothing, footwear and accessories, as well as house a 10,308 s/f CrossFit “box.”
The lease for the 12,500 s/f, ground- and concourse-level space was brokered by Heritage’s Al Lawrence and Peter Zimmar, while Ripco Real Estate’s Peter Ripka, Andrew Mandell and Richard Skulnik represented both the landlord and the tenant.
The asking rent for the ground-floor space was $250 psf, while the concourse level was $90 psf.
“Long known for its souvenir and electronics shops, lower Fifth Avenue is finally coming into its own as more retailers see the value below 42ndStreet,” said George Constantin, president and chief executive officer of Heritage.
“With Reebok and the CrossFit box owners choosing 420 Fifth Avenue as the location for its new retail concept store and box in New York, more and more retailers are going to pay attention to this corner of the city. I expect this transaction will boost demand for space below 42nd Street, as well as rents.”
“Since signing on CVS last past fall, the leasing velocity at 420 Fifth Avenue has tripled,” said Ripka.
“Today only one 14,452 s/fretail space remains available at the building and we’re already experiencing a burst of competition for the space.”