March 9, 2022 1:00 PM
Newmark announces it recently completed more than 75,000 square feet of office leasing at The Factory LIC, a 1.1 million-square-foot creative loft office in Long Island City, New York. Newmark’s Executive Vice Chairman Brian Waterman, Vice Chairman Howard Kesseler, Senior Managing Director Jordan Gosin and Associate Director Alex Rosenblum serve as exclusive leasing advisors for the property, and represented the asset owner, Atlas Capital Group, Partners Group and Invesco, on the transactions.
“The Factory LIC is truly a one-of-a-kind workplace that has attracted a diverse mix of creative tenants,” said Waterman. “We are pleased to have continued leasing velocity at the project despite COVID-19 disruptions and have leased nearly 200,000 square feet since the start of the pandemic, including LiveOn NY, Tourneau, Bombardier and Power Home Remodeling Group.”
The most recent leasing transactions completed by the Newmark team, all signed during the fourth quarter of 2021, are as follows:
- Roman, a digital men’s health clinic, signed a long-term lease for a work-ready loft space on the 5th floor of the project measuring 23,632 square feet. The space features 12-foot ceilings and fully functional windows.
- Television production company 20th Television leased two suites within the project: a grade-level, 8,332-square-foot suite featuring a private entrance and a 36,198-square-foot work-ready loft space on the 8th floor featuring 12-foot ceilings and a 5,000-square-foot private terrace with amazing Manhattan/LIC views.
- Film and television production company Broadway Stages leased 7,926 square feet on the first floor. The suite offers grade-level space, 14-foot ceilings and connection to the ground floor amenities.
Built in 1926 and originally used by Macy’s as a furniture warehouse, The Factory is one of Long Island City’s most desirable workspaces. Ownership completed a historically sensitive renovation creating large, flexible full floors, as well as work-ready converted lofts. Exceptionally high ceilings and brand new fully operable windows on every floor provide unmatched views of the Manhattan skyline. The project caters to forward-thinking companies seeking unique and inspiring workspaces. Project amenities include available indoor parking, 24-hour access and security, multiple freight elevators, shuttle service to subway and LIRR, newly renovated lobby, brand new lounge, food marketplace featuring multiple dining options, fitness facility, secure bike storage, tenant-controlled air conditioning and a planned rooftop deck for 2023.
The Factory is at the epicenter of what is quickly becoming New York’s most exciting neighborhood. With quick and easy access to Manhattan, Brooklyn and Queens, the building is situated amidst the best of New York business, culture and leisure. Long Island City offers an emerging commerce district and established museums, non-profits and parks dedicated to the arts. The Factory’s provided shuttle service offers a three-minute trip to Hunters Point Avenue LIRR station and a seven minute shuttle ride to Court Square Station, with access to the E, G, M and 7 subway lines.
An uptick in leasing velocity led to declining availability in the Long Island City office market during the fourth quarter of 2021, according to Newmark Research. The overall Long Island City availability rate dropped 120 basis points quarter over quarter, to 27.4%. The Factory District’s availability decreased by 270 basis points due to 109,611 square feet of velocity in the submarket, primarily driven by The Factory LIC lease deals. 84.5% of Long Island City leasing activity during the fourth quarter occurred in The Factory District.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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