The Factory, a massive, 10-story, block-long building in Long Island City, added two new tenants for a combined 16,269 square feet of space, following a $20 million modernization and revitalization.
Leases have been signed with Gwynnie Bee, an online clothing rental subscription service for women sizes 10 to 32, and market research and data analysis firm Applied Research & Consulting (ARC). Gwynnie Bee took a bigger chunk of the building: a 12,702-square-foot space on the fifth floor, which features 12-foot-high ceilings and views of the Manhattan skyline.
Built in the 1920s, The Factory was once used as a warehouse for Macy’s. Its recent makeover included upgrades to its broadband connectivity, earning it a WiredScore Silver Certification. It’s now a more attractive option for companies looking for flexible office space in an area with accessible transportation without Manhattan rents.
“The Factory attracts new tenants looking for an environment similar to Midtown South and Chelsea, at a fraction of the cost,” said Brian Waterman of Newmark Grubb Knight Frank, which handled the transaction for owner Atlas Capital. “The open floor plans, complemented by high ceilings, provide a unique and inviting setting that helps tenants be productive at The Factory.”
ARC is moving to Long Island City from West 13th Street in Manhattan, proving that the new office spaces in the old industrial building is popular with businesses across the East River. ARC now has a 3,567-square-foot space on the fourth floor. The space features windows that let in an abundance of light as well as flexible open space.
“We really like the overall design aesthetic of The Factory, with its emphasis on large, open spaces and its updated, industrial style,” said Chris Bumcrot, a partner at ARC. “We’re also excited about moving to a part of New York City that’s evolving quickly as a business neighborhood.”
Waterman, Howard Kesseler, Jordan Gosin and Brett Bedevian, represented Atlas Capital in the deal.