Newmark arranged a 22,725-square-foot lease renewal on behalf of Atlas Capital Group, LLC at its premiere office building The Factory located at 30-30 47th Ave. in Long Island City. Transel Elevator & Electric, Inc., signed an early 10-year lease extension for their existing space on the sixth floor of the building. Executive Vice Chairman Brian Waterman, Vice Chairman Howard Kesseler, Senior Managing Director Jordan Gosin and Associate Director Alex Rosenblum served as exclusive leasing advisors for the property and represented ownership in the lease.
Dating from 1926 The Factory began life as a Macy’s warehouse and continues to be successful due to its focus on tenant experience; evidenced by this most recent renewal with vacancy rate 5%, compared to Long Island City’s average of 18.1%. Waterman commented “we congratulate ownership on curating a distinct destination workplace and look forward to continued milestones ahead.”
