Minskoff welcomes global fitness franchise to 51 Astor

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The CycleBar fitness franchise has taken over the former
Flywheel space at Edward J. Minskoff’s 51 Astor Place.

A team from Stroock advised Edward J. Minskoff Equities
(EJME) on the retail lease while simultaneously representing the landlord in
the bankruptcy proceedings of the previous tenant, Flywheel, to expedite the
termination of Flywheel’s lease.

The Stroock team was led by national Real Estate Group partner Trevor Adler and included Financial Restructuring special counsel Sherry Millman, Financial Restructuring associate Alexander Fraser and Real Estate special counsel Debra Sapp.

EDWARD MINSKOFF

“We are thrilled to welcome CycleBar to 51 Astor, rounding
out the exceptional retail offerings that complement our roster of blue-chip
office and educational tenants,” said Edward J. Minskoff, chairman and Chief
Executive Officer of EJME. “This was a unique deal executed during challenging
times that hints towards the potential future of COVID-related leasing and
restructuring agreements.”

“Working in partnership with the Minskoff Equities team was
paramount to executing the rapid re-leasing of this retail space, located
within one of the most exclusive buildings in an active commercial corridor,”
said Stroock partner Trevor Adler. “Stroock’s national leasing team, together
with our industry-leading Financial Restructuring Group, continues to guide our
clients through the challenges of the COVID-19 pandemic, and we are grateful to
work with industry leaders like Minskoff Equities.”

Flywheel filed for Chapter 7 bankruptcy last fall and
permanently closed all 42 of its studios while laying off 1,200 employees.

California-based CycleBar, meanwhile, is enjoying a global expansion
and now has over 200 studios worldwide.  CycleBar’s parent company, boutique fitness
curator Xponential Fitness, has been credited with redirecting the franchise
operation pre-COVID with website and app upgrades, along with CRM and POS
overhauls, that have helped CylceBar ride out the pandemic.

The company now operates in nine countries. Studios are
currently open in the United States, Canada, Japan, South Korea and Saudi
Arabia. It also has plans to open in Germany, Austria and Singapore.

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