Atlas Capital Group and Square Mile Capital Management announced today that Macy’s has signed a 15-year lease for approximately 150,000 square feet to occupy the entire third floor in The Factory, located at 30-30 47th Avenue in Long Island City, NY.
The 1.1 million square foot commercial building was developed in 1926 to be the furniture showroom and warehouse for Macy’s. Almost 90-years later, the globally renowned retailer has decided to move back to Long Island City (LIC) and utilize the building with a new purpose.
Macy’s will operate the massive floor as a photo studio and office space to house art directors, photographers, producers, product coordinators, retouchers and studio logistics managers. The photo studio is moving from Brooklyn.
The lease with Macy’s follows 40,000 SF of leases signed at The Factory in 2015. Ownership is near completion with its approximate $20 million capital improvement program to attract companies looking for collaborative and innovative office space. A new building entrance, refurbished lobby, new public corridors, and new restrooms are complimented by large and flexible full-floors, as well as work-ready converted lofts. Every floor has exceptionally high ceilings and brand new, fully functional windows. Building amenities will include a convenient shuttle to local bus and subway stations, including Court Square and Hunter’s Point; as well as secure bike storage, indoor parking and WiredScore Silver Certification.
Macy’s decision to locate its photo unit headquarters at The Factory in LIC affirms the submarket as the premier live-work-play neighborhood in New York City for TAMI tenants and establishes The Factory as the epicenter of the growing creative office and production sub-market. “As a major omni-channel retailer, we have increased needs to photograph merchandise for various forms of digital and print marketing. The new Long Island City location will allow us to have the whole operation on one level with more modern facilities and space,” said a spokesman from Macy’s.
LIC is located at New York City’s geographic midpoint and home to Fortune 500 companies, as well as many established and start-up tech firms. Its convenient location accommodates the convergence of eight subway lines, the Long Island Rail Road and the East River Ferry. Public transportation is complimented by road access that ties LIC to all five boroughs. The unparalleled approach brings travelers from Midtown Manhattan in less than 10 minutes and is a quick ride to LaGuardia Airport and JFK International Airport.
Macy’s was represented by Scott Gottlieb, Michael Laginestra, Michael Wellen and Ken Meyerson from CBRE. Ownership was represented by Brian Waterman, Howard Kesseler, Jordan Gosin and Brett Bedevian from Newmark Grubb Knight Frank.
“The Factory is fortunate to have substantially sized floorplates with phenomenal light and air to accommodate the ever-growing TAMI companies that are hiring Millennials and focused on wellness and quality of life,” said Brian Waterman. “The urban chic space, combined with reasonable rates and convenient proximity to Manhattan made The Factory a logical decision for Macy’s.”