70-Year-Old Toy Company Cardinal Industries Moving to 25K SF in LIC’s The Factory
Toy company Cardinal Industries is relocating within Long Island City, Queens, to 25,000 square feet on the sixth floor at The Factory, Commercial Observer has learned.
Cardinal, founded in 1945, will move from 2101 51st Avenue to the 1.1-million-square-foot former warehouse, The Factory, at 30-30 47th Avenue, a source with intimate knowledge of the deal told CO. Actual rents in the building weren’t immediately available, but asking rents throughout Long Island City are roughly $43 per square foot.
Cardinal has to leave its current digs as the landlord at 2101 51st Street, the Kaufman Organization, is ground-leasing the old location and gut renovating it, as per Crain’s New York Business.
Cardinal was one of the oldest private game and puzzle companies in the United States before being purchased by Toronto-based global children’s entertainment company Spin Master in 2015. The source said that Cardinal “liked the growing culture and amenities in this part of LIC,” and the fact that The Factory offers a free gym, shuttle bus and rotating food truck program.
Atlas Capital Group, Square Mile Capital Management and Invesco Real Estate purchased the 10-story block-long industrial property—which takes up a full block bordered by 30th Place and 31st Street and 47th and 48th Avenues—in 2014, before it underwent a major renovation.
Tenants at The Factory include jewelry maker Starlight Designs, which last May leased 17,000 square feet, as CO previously reported. Macy’s, Polo Ralph Lauren and Madewell have all signed deals in the complex.
Brian Waterman, Howard Kesseler, Jordan Gosin and Brett Bedevian of Newmark Knight Frank represent the landlords. A spokeswoman for NKF declined to comment. Compass’ Alex Cohen along with Chris DuMont and Matt Sprowles of Los Angeles-based Madison Partners represented the tenant.
“Like many creative firms, Cardinal recognizes that attracting and retaining the talent of the future depends, in part, on the location, quality and amenities offered by the work environment,” Cohen said.
Update: This story has been edited to note the names of the tenant’s brokers, as well as a comment from one of them.