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Celebrity-Backed Wellness Club Finds Home in Flatiron District
The Well, a membership-based wellness club founded by Rebecca Parekh, has found a home in the Flatiron District. Madison Capital has leased 13,040 square feet of ground-floor and lower-level retail space at 71 Fifth Ave. to the club, which is backed by celebrity investors ranging from Will Smith to Barry Sternlicht.
“Flatiron has become one of the premier destinations for retailers due to its thriving population of office workers, residents and tourists,” said Winick Realty Group’s Steven Baker, who represented the landlord. “Over the past few years, we’ve seen an influx of fitness tenants in the area, and The Well will further build upon and innovate this trend, bringing a fresh concept to the neighborhood’s existing health-conscious customer.”
NKF represented The Well in negotiations. Madison Capital acquired a 99-year ground lease on 71 Fifth in 2016 for a reported $85 million, and has since undertaken a significant capital improvement program.
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