Retail showing signs of flexing some post-COVID muscle

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A personal trainer whose business skyrocketed during the
COVID pandemic is set to open his first stand-alone gym in Greenwich Village.

Victor del Valle has signed a five-year lease for a 1,200 s/f second floor space at 132 West Houston Street (pictured top) for his new Aesthetic Lab where his expanded roster of clients will be able to get personalized training from experienced instructors.

ALEX GEISINGER

Alex Geisinger, president of Approved Properties who represented
del Valle in the lease, said the COVID pandemic created a bump in business for del
Valle, a veteran trainer who specializes in body composition assessment, weight
management and nutrition as well as bodybuilding, pregnant and postpartum
fitness training, boxing and Muay Thai.

“Victor had so many clients coming from gyms that closed during
the pandemic shutdown when personal training became a significant option for
many people,” explained Geisinger. “With that  overflow of clients and some great
opportunities for leasing retail space right now, it made sense to open a stand-alone
gym.”

Geisinger said the space – formerly occupied by a nail salon and above the popular Miss Lily’s Jamaican restaurant – includes 500 s/f of outdoor patio space, which del Valle also intends to utilize.

RAVI IDNANI

Newmark’s Ravi Idnani, Andrew Stern and Joshua Strauss
represented the landlord in the lease, which includes an option to renew at full
market value, according to Geisinger, who is optimistic that New York’s retail
market is primed for a resurgence after its 12-month battering from the
pandemic.

He said, “Right now, I am seeing an uptick in deals among smaller
gym concepts and restaurants, in particular, as tenants see an opportunity to take
advantage of concessions in the marketplace. Landlords are giving more free
time and adding in language with regards to occupancy, crediting tenants if
they can only have 25 or 35 percent capacity.

“I think we will see a lot of transactions this summer as
people start to go back to work and move back to the city and Aesthetic Lab is
among the tenants now positioned to meet that renewed demand for fitness
services, dining and beverages – even the movie theaters when they reopen on
March 5 will generate more demand for ancillary services.”

Geisinger added, “There is a direct correlation with the economy reopening and commercial real estate transactions and I’m optimistic that, with the roll-out of the vaccine, we have turned an important corner in the recovery.”

Personal trainer, Victor del Valle, is opening his first gym in Greenwich Village.

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