Ironbound Plaza will soon be home to Blink Fitness and 7-Eleven
Published January 19, 2018 | Brick City Live
Ironbound Station Plaza, the distinctive triangular limestone building located just east of Newark Penn Station, is getting a new lease on its more than 100-year existence–literally.
After being acquired by Paramount Assets in early 2017, the former bank building at 2 Ferry Street has been renovated and is fully leased, most prominently to Blink Fitness, which is slated to open in March. The building sits at the crossroads of Newark’s Ironbound and the Central Business District, which offer a built-in potential marketplace of nearby residents, commercial occupants and Penn Station commuters. (In the past, it was also the destination for the Ironbound Community Health Center.)
Real estate firm Paramount Assets preserved many of the building’s original features during its renovation, including the building’s unique facade. The company’s construction group is completing the buildout for Blink Fitness’s 15,500-square-foot location, which will occupy the building’s second floor, plus parts of its first floor and basement. A 7-Eleven will be located at the tip of the triangular building closet to Newark Penn Station. The 2,500-square-foot convenience store is scheduled to be open by the summer of this year.
“We recognized an excellent opportunity to reposition and repopulate a historically significant property with national tenants that truly will serve the surrounding community,” said Richard Dunn, senior vice president of Paramount Assets, according to a statement.
Blink Fitness already has nine locations open in New Jersey, including an East Orange location that opened in
Mayor Ras Baraka called Ironbound Plaza’s reopening “another step forward in the creation of a Transit Village in the Penn Station area” and part of the formula for a “walkable downtown.”
“The creative re-use of a former bank building for a sports club and retail exemplifies our strategy of preserving Newark’s historic structures and repurposing them to meet today’s needs,” he added.
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