Newmark announces the firm has completed a new 12,702 square-foot lease for Metergy Solutions at The Factory in Long Island City. The Factory is located at 30-30 47th Avenue. It is owned by a joint venture between Atlas Capital Group, Partners Group, a leading global private markets firm acting on behalf of its clients, and Invesco Real Estate, a global real estate investment manager. Newmark’s Executive Vice Chairman Brian Waterman, Vice Chairman Howard Kesseler, Senior Managing Director Jordan Gosin and Associate Director Alex Rosenblum represented ownership on the transaction.
Metergy Solutions, one of the largest submetering providers in North America, has signed a new long-term lease to provide a new space for its subsidiary, QuadLogic Controls. QuadLogic is New York City’s top revenue-grade electrical submetering manufacturer and billing provider and will take a partial space on the fifth floor of the ten-story, 1,134,000-square-foot asset.
“We are looking forward to Metergy Solutions joining the vibrant tenant mix at The Factory,” said Waterman. “The fact that the company was already present in Long Island City and chose to relocate to the Factory further reinforces the type of product we offer and continues to contribute to the great leasing velocity we’ve witnessed at the property as companies search for creative and innovative spaces located closer to their workforce.”
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 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, 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 planned rooftop deck for 2023.
According to Newmark Research, in Q2 of 2022, the Long Island City availability rate decreased by 40 basis points quarter over quarter to 26.4%, marking the fourth consecutive quarter in which availability declined. The availability rate decreased by 200 basis points in Astoria and 80 basis points in Hunters Point.
The Factory has quick and easy access to Manhattan, Brooklyn and Queens and the building is situated amidst some of 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.
Liz Lash of CBRE represented the tenant on the transaction.