■REAL ESTATE BY LIAM LA GUERRE [email protected] I @LiamLaGuerre The Factory THE COURIER/Photo by Liam La Guerre which handled the transaction for owner Atlas Capital. “The open floor plans, complemented by high ceilings, provide a unique and inviting setting that helps tenants be productive at The Factory.” ARC is moving to Long Island City from West 13th Street in Manhattan, proving that the new office spaces in the old industrial building is popular with businesses across the East River. ARC now has a 3,567-square-foot space on the fourth floor. The space features windows that let in an abundance of light as well as flexible open space. “We really like the overall design aesthetic of The Factory, with its emphasis on large, open spaces and its updated, industrial style,” said Chris Bumcrot, a partner at ARC. “We’re also excited about moving to a part of New York City that’s evolving quickly as a business neighborhood.” Waterman, Howard Kesseler, Jordan Gosin and Brett Bedevian, represented Atlas Capital in the deal. Pair of Astoria residential buildings sells for $72M The heated real estate market in Astoria has caused an increase in development and rental rates, which have jumped faster than the city’s average over the past dozen years. Demand is high throughout the neighborhood, and buyers just can’t stay away from two recently constructed residential buildings. The pair, Astoria at Hallet’s Cove at 11-15 Broadway and the Montenegro of Astoria at 30-50 21st St., has been sold for a combined $72.3 million, giving the buildings three owners in three years, according to a published report. Real Estate firm E&M Associates recently bought the buildings from Related Companies, which purchased them from Criterion Group in 2013 for $60 million, according to The Real Deal. Criterion Group developed the residential towers three years ago. Despite being blocks apart, the towers have been sold as a package twice. Astoria at Hallet’s Cove, an eight-story building, has 79 apartments within 76,100 square feet, while the Montenegro is an eight-story tower Women’s clothing rental service and Manhattan data firm sign leases in LIC building The Factory, a massive, 10-story, block-long building in Long Island City, added two new tenants for a combined 16,269 square feet of space, following a $20 million modernization and revitalization. Leases have been signed with Gwynnie Bee, an online clothing rental subscription service for women sizes 10 to 32, and market research and data analysis firm Applied Research & Consulting (ARC). Gwynnie Bee took a bigger chunk of the building: a 12,702-square-foot space on the fifth floor, which features 12-foot-high ceilings and views of the Manhattan skyline. Built in the 1920s, The Factory was once used as a warehouse for Macy’s. Its recent makeover included upgrades to its broadband connectivity, earning it a WiredScore Silver Certification. It’s now a more attractive option for companies looking for flexible office space in an area with accessible transportation without Manhattan rents. “The Factory attracts new tenants looking for an environment similar to Midtown South and Chelsea, at a fraction of the cost,” said Brian Waterman of Newmark Grubb Knight Frank, Rooftop of Astoria at Hallet’s Cove. Photo courtesy StreetEasy with 65 apartments in 59,240 square feet.
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