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Transel Elevator Signs Early Renewal at The Factory in LIC
Newmark arranged a 22,725-square-foot lease renewal on behalf of ownership Atlas Capital Group, LLC, at its premiere office building The Factory, located at 30-30 47th Ave. in Long Island City. The tenant, Transel Elevator & Electric, Inc., signed an early, 10-year lease extension for their existing space on the sixth floor of the building.
Executive Vice Chairman Brian Waterman, Vice Chairman Howard Kesseler, Senior Managing Director Jordan Gosin and Associate Director Alex Rosenblum serve as exclusive leasing advisors for the property, and represented ownership in the lease. Dating from 1926, The Factory began life as a Macy’s warehouse.
“The Factory’s targeted focus on the tenant experience continues to bear fruit, as evidenced by this most recent renewal,” said Waterman. “Further speaking to the heightened focus on tenant retention is the building’s vacancy rate of 5%, compared to Long Island City’s average of 18.1%. With this, we congratulate ownership on curating a distinct destination workplace and look forward to continued milestones ahead.”
- ◦Lease
