You know that big commercial space at the northwest corner of Franklin and Varick, where Argo International had its offices for years? And how in August of 2012 it was announced that the space would be becoming available? Those of us who thought it’d turn into a bank or two were wrong: Crunch wants to open a gym there, and the residents of 140 Franklin are suing to stop it.

The gym would take the ground floor and basement, for as total of 19,000 square feet.

From the Real Deal, which broke the story this morning: “The thirteen apartment owners include high-profile executives such as J. Crew CEO Mickey Drexler [….] The lawsuit says the condo’s declaration permits ‘other retail uses compatible with luxury loft type condominium apartment buildings,’ but prohibits a use that is ‘disreputable or is likely to result in unreasonably disturbing noise or bright or flashing lights,’ the complaint continues. The gym, which would likely have strong lighting, loud music, spin classes, food and other features, would violate those terms, the complaint says.”

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