After community backlash led Greystone & Co. to nix its plans to turn the historic Brooklyn Lyceum into condos, the developer has found a commercial tenant to lease the entire building. Blink Fitness has signed a 15-year lease for the 16,700-square-foot space and will turn it into a gym, returning the former bathhouse to its original use. Greystone says it will spend between $1.5 million and $2 million (having already spent $7.6 million to buy the building) to "restore [the Lyceum] to its original luster." It will also transfer over 23,000 square feet of air rights and build an aesthetically questionable rental building next door.
· What's the Deal [WSJ]
· Brooklyn Lyceum coverage [Curbed]