Fashion firms are flocking to Long Island City. Clothing rental service for plus-size women Gwynnie Bee recently expanded in the Queens neighborhood, and three other fashion companies are eyeing space in the area, according to the New York Times.
Asking rent was $33 per square foot at the end of the first quarter of this year in the neighborhood, compared with $56 per square foot in Manhattan’s garment district. Long Island City is even cheaper than parts of Brooklyn—the average office rent in downtown Brooklyn was $40 a square foot for the same time period.
Office options are also becoming available as developers pour millions of dollars into converting warehouses in the former industrial neighborhood into office space. And companies love Long Island City’s proximity to Manhattan, specifically the garment district, via subway.
More real estate news
Brooklyn Botanic Garden sold a Crown Heights site for almost $25 million (Brooklyn Daily Eagle)
9/11 tribute moving to larger location (The Wall Street Journal)
McDonald’s of the Philippines is opening first Manhattan outpost (Commercial Observer)
Cheaper housing is slowly coming to the city (New York Post)
Dumbo’s Clock Tower penthouse enters contract for $18 million (Curbed NY)
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