Could the burning hot Manhattan real estate market derail SoulCycle's dramatic ride to the top of the exercise food chain? The trendy cycling company, which recently announced its plans to go public, thinks rising rents and an increasingly tight retail real estate market in top markets such as New York are some of the primary risks to its business model, it revealed in an S-1 filing with the Securities and Exchange Commission last week. "Our ability to negotiate favorable terms on an expiring lease or conversely for a suitable alternate location could depend on conditions in the real estate market, competition for desirable properties and our relationships with current and prospective landlords," the company revealed.