Newmark announces it recently completed several leasing transactions totaling nearly 66,000 square feet at The Factory LIC, a 1.1 million-square-foot creative loft office building 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 represent the asset owner, a joint venture between Atlas Capital Group, Partners Group, acting on behalf of its clients, and Invesco Real Estate, on the transactions.
Tenant commitments include the New York City Employees’ Retirement System’s renewal of its 30,559-square-foot space on the 10th floor and La Maison du Chocolat’s renewal and expansion of 12,828 square feet. The chocolatier extended its 4,902-square-foot space and expanded into 7,926 square feet at the building. Additional property renewals include Bombardier at 8,059 square feet on the 4th floor, 20th Television at 8,353 square feet and Broadway Stages at 6,450 square feet on the ground floor.
“The Factory LIC is truly a one-of-a-kind workplace that has attracted a diverse mix of creative tenants thriving at this location, as evidenced by the recent renewal and expansion transactions,” said Waterman. “We are pleased to have maintained leasing velocity at the project throughout the COVID-19 disruptions, leasing nearly 250,000 square feet since the start of the pandemic.”
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 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, brand new lounge, food marketplace featuring multiple dining options, 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. 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 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.
As of the first quarter of 2022, the overall Long Island City availability rate dropped 60 basis points quarter-over-quarter, to 26.8%, according to Newmark Research. This marks the third consecutive quarter in which availability declined. The decline in availability was even more significant in The Factory District submarket, which saw a 160-basis-point drop. First-quarter 2022 leasing velocity totaled 374,549 square feet, a 189.6 percent improvement from the fourth quarter of 2021. Long Island City’s average asking rents closed the quarter at $54.17 per square foot, a 4.5% increase and the most significant quarterly percentage increase over the past six quarters.