Jewelry Designer Inks a Deal at The Factory in LIC
A jewelry maker will join a growing roster of fashion and design tenants at The Factory, a sprawling former warehouse in Long Island City, Queens, Commercial Observer can first report.
Starlight Designs has leased 17,000 square feet for eight years on the fifth floor of the 1.1-million-square-foot building at 30-30 47th Avenue, between 30th Place and 31st Street, according to information from Kalmon Dolgin Affiliates, which represented the tenant.
The new company will design and distribute its wares from the 10-story building. Asking rents weren’t immediately available, but CO has previously reported that asking rents range from the high-$30s to mid-$40s per square foot.
KDA’s Jeffrey Unger represented the tenant, and Jordan Gosin of Newmark Grubb Knight Frank represented The Factory’s landlord in the deal. Atlas Capital Group, Square Mile Capital Management and Invesco Real Estate (IVZ) purchased the block-long industrial property in 2014.
Starlight is only the latest fashion firm to move into the 1920s structure, which was originally constructed as a warehouse for Macy’s. Macy’s, Polo Ralph Lauren, and Madewell have all inked deals in the complex, and so has Gwynnie Bee, a women’s apparel company that allows customers to rent clothes online.
“Three or four years ago, fashion companies wouldn’t look out here,” Unger told CO. “Now it’s established itself more for these kinds of tenancies now. Between all the buildings that have been repositioned, like Falchi and Factory and the Hub and Commerce LIC, plus the substantial residential and retail conversions that are taking place, the’r’e really transforming Long Island City tremendously.”
A handful of food companies have also moved into the The Factory. Two Boots Pizzeria, Vanessa’s Dumplings and Papillon Bistro have relocated their production facilities there, Queens Courier reported in January.