New Retail Deal at 10 Bryant Park
The owner of 425 Fifth Avenue, known as 10 Bryant Park, has secured a significant tenant, as Amazon recently signed a lease for 330,000 square feet. This marks one of the largest retail space agreements in Manhattan this year.
Life Time, an Athletic Urban Country Club, will occupy 52,000 square feet spanning four levels. The club is expected to open in early 2027, just off the iconic Fifth Avenue. The space will bring together three previously separate buildings, including a ten-story structure that was part of Knoxville.
With 180 locations across the U.S. and Canada, Life Time’s Chief Property Development Officer, Perham Javaheri, mentioned that 10 Bryant Park met their requirements perfectly. “We aim to cater to both residential and commercial sectors,” he noted. “Though this area leans more commercial, there’s considerable residential development happening nearby.”
Founded by Bahram Akradi, Life Time’s presence in New York includes seven locations in Brooklyn and two in Manhattan, with another branch planned for a tall condominium project in Brooklyn.
Javaheri expressed their strategy: “We want to grow wisely. It’s essential we create a destination that reflects the evolving lifestyles of our customers, which means providing ample space.” Interestingly, several other locations in the city are larger than this one, each offering around 80,000 square feet.
The facilities at 10 Bryant Park will feature a luxurious co-ed “wet” suite that includes steam rooms, saunas, hot tubs, and cold plunges. There will also be a training area with premium aerobic and resistance equipment, as well as recovery spaces that include massage chairs and body compression technology. Additionally, the club is set to have several boutique-style studios for various group fitness classes.
Eli Elefant, CEO of the property’s management company, highlighted how the post-Covid landscape allowed for a reevaluation of commercial spaces. “When we lost our major tenant HSBC, we reimagined that outdated space,” he explained. The focus shifted towards the tech sector, enabling them to attract significant new tenants. Thanks to Amazon’s agreement, the office space in the 30-story tower is now fully leased.
After HSBC chose to relocate to Hudson Yards, Elefant referred to their space as a “blank slate,” highlighting the need to include extensive “wellness” amenities, something that he believes modern tenants prioritize. “We didn’t want just to create a gym,” he chuckled.
Elefant and Javaheri first met on October 17, 2023, thanks to an introduction by a broker. “I suggested we meet for a workout,” he recalled. Translating their meeting into action, they played pickleball on West 42nd Avenue, where discussions about the vision for robust amenities solidified their working relationship.
Elefant added, “I value personal synergy. It’s often about having sharp elbows in this industry, but I’m not sure everyone has picked up on that.”
Joe Mastromonaco from Atlantic Retail represented Life Time, while Patrick Smith from JLL represented the property ownership group. Interestingly, the parent company of Property & Building holds a large portfolio of buildings in Israel, but 10 Bryant Park stands out as their only wholly-owned property in New York.
