J. Crew taking 60K sf at LIC’s Factory Building, brah
Asking rent was in the $40s per square foot
April 13, 2016 10:30AM
The Factory Building at 30-30 47th Avenue in Long Island City (Credit for photo of man: Eric Douglas Statzer via Wikipedia)
J. Crew is taking its pastels and popped collars to Long Island City, leasing about 60,000 square feet at the Factory Building.
The clothing brand took the space at the 1.1 million-square-foot property, located at 30-30 47th Avenue between 31st Street and 30th Place, for its Madewell division.
Atlas Capital Group, Square Mile Capital Management and Invesco Real Estate own the Factory, acquiring it in 2014 and then renovating the 90-year-old building.
Asking rents for the building are in the mid-to-high $40 per square foot and included incentives, the New York Post reported.
J. Crew will have 17,433 square feet on the fourth floor, and 42,183 square feet on the 10th floor penthouse that features 35-foot-high ceilings and skylights, and a roof terrace, according to the New York Post.
Madewell is currently housed at Vornado Realty Trust’s 770 Broadway, with asking rents of $100 per square foot, according to the tabloid. Facebook is one of the largest tenants at Vornado’s 15-story building with a total 295,000 square feet.
Newmark Grubb Knight Frank’s Brian Waterman, Howard Kesseler, Jordan Gosin and Brett Bedevian represented the building’s owners. Savills Studley’s David Goldstein and Gabe Morans represented J. Crew.
The Factory has attracted retailers of late. Ralph Lauren signed a nine-year lease for 19,000 square feet in January. In August, Macy’s took 150,000 square feet at the Factory to house its photography studio and set space. [NYP, 3rd] — Dusica Sue Malesevic
