The new owner of events hall Studio Square in Long Island City is converting it into an office building, and has begun marketing space as Offices at the Square.
The building, which is located at 35-37 36th St., was constructed in 1930 and originally used as a factory, according to city records.
Emmes Asset Management bought the structure in June for nearly $30 million from S Hospitality Group, which opened Studio Square in 2009. S Hospitality paid $13.7 million for the property in 2008, city records show.
The popular beer garden, The Garden at Studio Square, on the ground floor of the building, will stay put, but Emmes is looking for new office tenants to fill the second to sixth floors —approximately 63,000 square feet — as S Hospitality Group moves out by July 2015.
Emmes is willing to separate the floors for a mix of companies or lease the full available space to one tenant, according to a representative of JRT Realty Group, which is handling leasing in the building.
As the land prices in Long Island City continue to rise, developers are turning to residential buildings to maximize profits, experts said, but Offices at the Square provides an opportunity for much needed office space for companies looking to expand or move into the area.
“Offices at the Square is no doubt an attractive alternative for office tenants, including high growth, emerging tech or creative firms getting priced out of the city,” said George Karnoupakis, asset manager of Emmes’ NYC Interborough Fund.
Each level in the building has been modernized within the past few years with polished concrete floors, and the fifth and sixth floors feature floor-to-ceiling windows with unobstructed views of the Manhattan skyline, according to JRT Realty. But the former factory building retains its tall, exposed ceilings, and open spaces.
The roof features more views of the Queens landscape and city skyline as well as functions as a meeting space for companies.
The R, N, Q, and M subway lines are nearby Offices at the Square, and eateries such as a Dunkin’ Donuts, S Prime Steakhouse and the newly opened Mexican restaurant Tacuba are on the same block.
Visit the Offices at the Square website for more information.
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