A former Macy’s furniture warehouse in Long Island City is poised to become the model of collaborative and innovative office spaces in one of New York’s up-and-coming live-work-and-play neighborhoods. Redeveloped by Atlas Capital as The Factory, the historically significant and soon to be renovated loft building spans more than one million square feet and is designed to create a thoughtful and dynamic work environment, according to exclusive leasing agent Newmark Grubb Knight Frank (NGKF).
Built in 1928, the property at 30-30 47th Avenue offers all the conveniences of a Class A loft building, including large, flexible floor plans with 12-foot exposed ceilings, finished concrete floors, and new mullioned steel casement windows overlooking Manhattan. Atlas Capital will work with larger tenants to create private outdoor space from existing roof space. The building will include an urban food marketplace, ground-floor shopping and event space. There will be indoor parking and bike storagefor tenants and visitors, as well as a planned shuttle bus service to the Court Square subway station and the Long Island Railroad station for added convenience. The Factory also features 24-hour access and security, large automated and manual freight elevators, and abundant loading docks.
“Atlas Capital is not just bringing an office building to this market, but a new workplace experience with carefully selected amenities and features that fosters a positive, team-oriented office ecosystem,” said NGKF Executive Managing Director Howard Kesseler.
The Factory complements the recent migration of new residents to this Queens neighborhood and complements the needs of the quickly growing tech and creative sectors looking for cost-conscious alternatives to Manhattan and Brooklyn’s pricier office markets, without sacrificing quality.
“The Factory hits all these requirements, especially with incentives like REAP and the NYC Commercial Revitalization Tax abatement programs that make the economics very attractive. It also helps that the building is located in one of the most vibrant, emerging neighborhoods with easy access to both Manhattan and Brooklyn,” added Mr. Kesseler.
The LIC office market comprises 8.4 million square feet and rents there are just about a third of the average rates in Manhattan and about 50% lower than Brooklyn, according to NGKF second-quarter research. But big block opportunities remain scarce with the availability rate at just 5.4 percent.
The NGKF team is led by Vice Chairman Brian Waterman and also includes Director Jordan Gosin and Associate Brett Bedevian. With Mr. Kesseler, they are marketing work-ready lofts ranging from 6,000 square feet to 25,000 square feet, with the largest block of contiguous space (280,000 square feet) available on floors 6 through 10. The Spector Group is project architect and design agency DBOX assists in the marketing of the property.
About Atlas Capital Group
Atlas Capital Group was formed by Jeffrey A. Goldberger and Andrew B. Cohen to invest in opportunistic, value-added real estate transactions globally. Atlas’ portfolio consists of over $2.5 billion of residential, office and retail real estate assets in New York City, Washington, D.C., Los Angeles, Miami, London and Dublin. Atlas is a full-service real estate investment, development and management firm. Atlas is the developer behind such notable projects as St. John’s center at 550 Washington Street in the West Village, 42 Crosby in SoHo, and 430 West 15th Street in the Meatpacking District. For further information, visit www.atlas-cap.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.