A local fitness chain inked a large lease at the Vorea Group’s new commercial development in Long Island City.
Vibe Fitness is taking 55,000 square feet across three floors at 10-04 Borden Avenue in Queens. The initial lease term is 10 years and the average asking rent at the complex, which is also home to the indoor skydiving facility iFLY, is $65 per square foot.
Adam Joly and Rachel Cohen of Igloo, Vorea’s commercial leasing arm, brokered the deal for the landlord. George Maragonis and James Tack of Pinnacle Realty and New York Squared Real Estate Group’s Constantine Hrisikos represented the tenant.
The property was developed by Borden Ave Op Zone, a joint venture between Vorea, Andru Coren and Stratify BCG. The mixed-use project was formerly the site of a commuter parking lot at the intersection of Borden Avenue, Jackson Avenue and Vernon Boulevard.
The development lies in what Vorea calls the “LIC Triangle” — an area defined as south of the Queensboro Bridge and west of the Sunnyside rail yards. Companies like Compass, Charter Spectrum, The New York Times and Sonder are among those who have taken space within Vorea’s Long Island City campus since 2019.
Long Island City has seen a significant windfall in residential development over the last few years and an uptick in commercial leasing has followed. Igloo has leased over 200,000 square feet of commercial space across 34 leases over the past two years, according to Joly.
Along with gym equipment and studios, Vibe’s new space will have two terraces and a cafe. Vibe, a spinoff of BQE Fitness, has locations in Brooklyn and Queens.
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