By Bill Parry
Macy’s is returning to Long Island City.
Atlas Capital Group and Square Mile Capital Management announced Wednesday that the retail giant has signed a 15-year lease for nearly 150,000 square feet to occupy the entire third floor of The Factory, located at 30-30 47th Avenue in Long Island City.
The Factory was originally developed in 1926 to be the furniture showroom and warehouse for Macy’s. Almost 90 years later, the retailer is coming back to utilize the space as a photo studio and office space to house art directors, photographers, producers, product coordinators, retouchers and studio logistics managers.
The current studio is currently spread across several floors at Macy’s Fulton Street store in downtown Brooklyn. Atlas and Square Mile Capital are putting finishing touches on 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.
“The Factory is fortunate to have substantially sized floorplates with phenomenal light and air to accommodate the ever-growing TAMI companies that are hiring millennials and focused on wellness and quality of life,” said Brian Waterman, the Vice Chairman at Newmark-Grubb-Knight-Frank.
referring to companies that work in Tech, Advertising, Media and Information. “The urban chic space, combined with reasonable rates and convenient proximity to Manhattan made The Factory a logical decision for Macy’s.”
A spokesman for the ownership group called it a “game changer” for Long Island City and compared it to JetBlue moving its corporate headquarters to Queens Plaza.
“Macy’s is just the tip of the iceberg of notable companies within the creative/artistic corporate community that is touring The Factory and LIC,” he said.
Macy’s has increased needs to photograph merchandise for various forms of digital and print marketing.
“The new Long Island City location will allow us to have the whole operation on one level with more modern facilities and space,” a Macy’s spokesman said.
Reach reporter Bill Parry by e-mail at bparr
