Life Time, Chanhassen, Minnesota, entered a collaboration agreement with the owners of New York Health & Racquet Club (NYHRC), New York, to transition four New York Health & Racquet locations to Life Time HRC, according to an announcement from Life Time.
NYHRC will continue to operate four of its remaining clubs, but it will close its club on 50th Street on Sept. 1, according to an announcement on the NYHRC website.
Life Time will invest $25 million to renovate the four clubs involved in the collaboration, which are: 60 West 23rd Street, 110 West 56th Street, 62 Cooper Square and 270 Park Ave S.
The club at 60 West 23rd Street will be the first location to transition to Life Time. Plans call for the club to close and renovations to begin on Sept. 1. An early 2020 reopening is expected. The remaining three locations will follow with a similar approach. Each location will continue to operate as NYHRC until renovations commence.
No financial details were forthcoming in the announcement. Requests by Club Industry to both Life Time and NYHRC on more collaboration details were not immediately returned.
However, NYHRC posted an announcement on its website that in part said this:
“We have a long-standing relationship with and respect for Life Time, a luxury health and wellness lifestyle brand. They share our vision that our locations have a unique position in the market. As a result, we have decided to collaborate with Life Time in four of our locations (Cooper Square, 21st S., 23rd St., and 56th St.). We have committed over the course of the next 12 months to gradually transition these four locations to Life Time, who will invest in excess of $25 million, renovating each to the highest standard. Once each club is completed, they will operate them as Life Time HRC.”
NYHRC is a family-owned business that initially launched in 1973.
With the rebranding of the four clubs, Life Time's number of clubs in New York will increase from five to nine.
Life Time launched its presence in New York City in 2016 with the debut of Life Time at Sky, a 70,000-square-foot resort-style health and fitness destination located at Sky – The Moinian Group's 71-story, luxury apartment high-rise. Additional Life Time resort destinations in New York include Chappaqua, Garden City, Syosset and Westchester.
Life Time has 144 locations in 39 markets in the United States and Canada comprising nearly 15 million square feet under operation and 75-100 projects in development. Projects in development include a facility at One Wall Street in New York with Macklowe Properties.
The company not only is expanding its athletic resort destinations but also launching new business concepts, including Life Time Work and Life Time Living.
Life Time Work, which launched in April 2018 in Ardmore, Pennsylvania, is the company's foray into coworking spaces. It plans to open 50-60 more coworking spaces during the next five years.
Life Time Living is a residential property business that the company will debut in Las Vegas, Miami and Dallas. The connected-living, wellness-infused residences will be built in coveted neighborhoods that boast convenient access to restaurants, shopping, nightlife and transportation, according to Life Time.
Through relationships with commercial property owners and developers, Life Time also is transforming the consumer retail experience at regional shopping centers across the nation. The company's Healthy Way of Life Village developments will incorporate Life Time Athletic resorts and, in some cases, its Life Time Living and/or Life Time Work amenities.