Polo Ralph Lauren Stitches Up 19K SF for Studio in LIC’s The Factory
By Terence Cullen January 26, 2016 1:53 pm
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Another fashion company is opening studio space in the hulking Long Island City building known as The Factory.
Polo Ralph Lauren has signed a 19,105-square-foot deal on a lower floor at the 1.1-million-square-foot 30-30 47th Avenue between 31st Street and 30th Place, data from CoStar Group shows.
The lease is for nine years, according to a source familiar with the deal. Asking rent in the deal was not immediately available. But in the past, CO has reported asking rents to range from the mid-$30s per square foot to the mid-$40s per square foot.
The source said the fashion company will be using the space as a photo studio for the company’s products. Polo is the second clothing retailer to sign a lease at the building, which features 12- to 14-foot high ceilings and floor plates ranging from 20,000 square feet to 80,000 square feet. Macy’s last August signed a massive deal to consolidate its photo studios from several Downtown Brooklyn offices into 150,000 square feet in the building. The department store took the entire third floor.
Brian Waterman, Howard Kesseler, Jordan Gosin and Brett Bedevian of Newmark (NMRK) Grubb Knight Frank represent the landlord, which is a partnership between Atlas Capital Group, Square Mile Capital Management and Invesco Real Estate (IVZ). David Goldstein and Gabe Marans of Savills Studley represented Polo. A spokesman for the landlord declined to comment. Brokers for the tenant did not immediately return a request for comment via a spokeswoman.
The owners in 2014 bought the 90-year-old property, which was originally built as a storage facility for Macy’s. It has since undergone a massive renovation to attract tenants as the neighboring Falchi Building becomes more occupied, as CO reported earlier last year.
Companies from Manhattan have relocated to the building, which sits just south of the Sunnyside Yards in the western Queens enclave. Last February, elevator construction company TEI Group ditched its offices on West 34th Street for more than 22,000 square feet at The Factory, as CO reported. Applied Research & Consulting, a data analysis company based in Midtown South, signed a 3,500-square-foot deal last June to relocate to the LIC building as well.
