Planet Fitness has secured a 14,500-square-foot retail space at the base of a new residential development in Coney Island, Brooklyn. The gym operator signed a 10-year lease at 532 Neptune Avenue, with occupancy slated for next year.
Cammeby's International Group and Rybak Development are anchoring the ground floor of their new residential tower with the Planet Fitness location. The lease represents a significant retail commitment for the Coney Island waterfront, where residential investment has accelerated over the past five years.
The deal matters for three reasons. First, Planet Fitness fills a crucial anchor tenant role for the mixed-use project, validating the developer's retail strategy and helping secure financing for the residential tower above. Second, the 10-year lease provides Cammeby's and Rybak with stable, long-term tenant revenue. Third, the fitness operator gains a foothold in Coney Island at a time when the neighborhood attracts younger renters and families seeking affordable alternatives to Manhattan and other crowded Brooklyn neighborhoods.
For residents moving into the tower, Planet Fitness at street level means no commute to the gym. The chain operates over 2,500 clubs nationwide and competes aggressively on price, typically charging $10 to $25 per month for memberships. A ready-made fitness option nearby strengthens the residential asset's appeal to prospective tenants.
For landlords and developers in Coney Island, the Planet Fitness lease signals confidence in the neighborhood's trajectory. Retail anchors like major gym chains validate neighborhood health and attract foot traffic that benefits nearby merchants. Coney Island has transformed significantly since 2012, when Superstorm Sandy devastated the waterfront. Since then, new residential towers, renovated boardwalk attractions, and improved transit access have rebranded the area as an emerging neighborhood rather than a declining resort destination.
The specific rent figures for the Neptune Avenue lease did not release, though ground-floor retail in Coney Island typically commands $25 to $45 per square foot annually, depending on location and visibility. At 14,500 square feet, the annual rent likely runs between $362,500 and $652,500 per year, generating reliable revenue for the developers during the project's early years.
Cammeby's International Group and Rybak Development have built a track record in Brooklyn waterfront development. The partnership brings capital, construction expertise, and tenant relationships to navigate the city's complex approval process and finance mixed-use projects where retail and residential revenue streams combine.
For Planet Fitness members in Brooklyn, the Coney Island location adds capacity in a borough where the chain operates multiple locations but faces growing demand as residential populations expand. The gym occupies prime ground-floor space designed for foot traffic and visibility from Neptune Avenue, one of Coney Island's main thoroughfares.
This lease reflects broader patterns in New York City real estate. Residential developers increasingly view retail anchors not as afterthoughts but as essential components that strengthen financing, attract quality tenants, and generate ground-floor activity. Planet Fitness's scale, brand recognition, and operational efficiency make it an ideal anchor for neighborhood-facing developments where affordability matters to the resident base.