By Bill Parry
The Factory LIC could become the next hot address for office space near Queensboro Plaza now that Atlas Capital Group has begun leasing space in its mammoth 10-story former Macy’s furniture warehouse, located at 30-30 47th Ave.
Atlas and partner Square Mile Capital are nearly finished with a $20 million capital improvement program that includes wide open floors with exposed original brick, a new building entrance, refurbished lobby, new public corridors, new restrooms, new pre-built suites and new building amenities.
Gwynnie Bee, an online clothing rental subscription service for women, signed a lease for a 12,702-square-foot pre-built suite on the fifth floor. Applied Research and Consulting, a full-service public opinion polling, market research and data analysis firm, is leaving Manhattan to move into The Factory LIC. ARC inked a lease for 3,567-square-feet on the fourth floor to take advantage of the abundance of light and air as well as the flexible open space that the building offers its tenants.
“We really like the overall design aesthetic of The Factory, with its emphasis on large, open spaces and its updated industrial style,” ARC partner Chris Bumcrot said. “We’re also excited about moving to a part of New York City that’s evolving quickly as a business neighborhood.”
Brian Waterman and Jordan Gosin, of the brokerage firm Newmark Grubb Knight and Frank represent the ownership group.
“The Factory attracts new tenants looking for an environment similar to Midtown South and Chelsea at a fraction of the cost,” Waterman said. “The open floor plates, complemented by high ceilings, provide a unique and inviting setting that helps tenants be productive at The Factory.”
He added that there is a third lease in place for 40,000 square feet, and a fourth is being negotiated for the entire third floor for 145,000 square feet.
The Factory is similar to The Falchi Building, the re-purposed former Gimbels warehouse directly across 31st Street, but it has a diverse mix of commercial space, complemented by a healthy mix of retail and building amenities such as indoor parking, a food marketplace, a convenient shuttle to local public transportation, and secure bike storage.
“We have some printers and light manufacturing, but it’s mostly creative office tenants such as architects and tech businesses,” Gosin said. “Creative space became too expensive in Manhattan.”
The building’s makeover included upgrades to its broadband connectivity.
“We earned WireScore Silver Certification,” Waterman said. “The world is becoming more tech-centric and that is driving the market. It’s just a question of how deep the market will get.”
The Factory has already been embraced by the area’s tremendous art community after Atlas allowed the LIC Arts Open to use a considerable amount of space for exhibitions and performances.
“The Atlas Group was extremely welcoming and they were very generous offering between 30,000 to 40,000 square feet,” LIC Arts Open founder Richard Mazda said. “The spaces there are so dramatic and dynamic. The Factory and the Falchi building are competing businesses, but they are working together to promote the LIC Arts Open.”
Mazda added that they will be doing an art show in The Factory in September.
“The LIC Arts Open is so into developing the community,” Gosin said. “The relationship makes sense.”
Reach reporter Bill Parry by e-mail at bparr
