July 18, 2023 9:00 AM
Newmark announces it has arranged a 22,725-square-foot lease renewal on behalf of ownership Atlas Capital Group, LLC, at their premiere office building, The Factory, located at 30-30 47th Avenue in Long Island City, New York. The tenant, Transel Elevator & Electric, Inc. (“TEI Group”), signed an early, 10-year lease extension for their existing space on the sixth floor of the building.
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’s targeted focus on the tenant experience continues to bear fruit, as evidenced by this most recent renewal,” said Waterman. “Further speaking to the heightened focus on tenant retention is the building’s vacancy rate of 5%, compared to Long Island City’s average of 18.1%. With this, we congratulate ownership on curating a distinct destination workplace and look forward to continued milestones ahead.”
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 and work-ready converted lofts. Exceptionally high ceilings and brand-new, fully operable windows on every floor provide unmatched Manhattan skyline views. 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, a newly renovated lobby, a brand-new lounge, a food marketplace featuring multiple dining options, a fitness facility, secure bike storage, tenant-controlled air conditioning and a rooftop deck planned for delivery in 2023.
The Factory is at the epicenter of what is rapidly becoming New York’s most exciting neighborhood. 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 the 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.
The building’s on-site amenities paired with its geographical proximity to New York City make it a highly effective logistics hub for those businesses that require 24/7 capabilities and convenient access to the geographic center of Manhattan –attracting tenants including LiveOn, Roman Health, Optum Health, NYC Department of Health and Mental Hygiene, This is Fashion and Jewelry, Ralph Lauren and Macy’s Central phototherapy studio.
Founded in 1989 by two elevator mechanics, TEI Group offers a comprehensive suite of vertical transportation services, including new construction, modernization, repair and maintenance for the commercial, large residential, hospitality and institutional markets. In over 30 years, the company has witnessed tremendous growth and boasts a client roster comprised of the leading real estate developers, property management companies and property owners across the US.
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. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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