REAL ESTATE Construction to transform the old LIC zipper factory is underway The owner of the old Waldes zipper factory in Long Island City plans to convert it into a retail and offi ce hub. BY LIAM LA GUERRE [email protected]/@LiamLaGuerre It’s in raw condition now, but owners of the former Waldes zipper factory in Long Island City are planning to unzip its potential as a retail and offi ce hub. Renovation of the four-story industrial building at 47-16 Austell Pl. has begun after Emmes Asset Management bought it earlier this year for $13.5 million. By the end of summer it will have a fi nished lobby with cobblestone fl ooring to match the cobblestone streetscape of Austell Place. The facade of the 56,500-square-foot building is being modernized, and local artists will have the opportunity to decorate the exterior. The elevator is being upgraded and another one will be added in the structure, which is being called Offi ces at Austell. New windows are being installed throughout the building and concrete fl oors will be polished. An offi cial completion date wasn’t given yet for the entire building. JRT Realty and Cushman & Wakefi eld are handling marketing. The ground fl oor will have 10,000 square feet available for a mix of retail, such as a potential brewery, restaurant or coffee shop. Owners hope to attract students from nearby LaGuardia Community College, and commuters from the Hunters Point Avenue LIRR and 7 subway train stations with the retail options, in addition to employees in the building. The three remaining fl oors each have 15,500 square feet of space with 13- to 15-foot-high ceilings Rendering courtesy Emmes Asset Management and open fl oor plans. There is also a large rooftop space with views of the Manhattan skyline, but the company doesn’t have any specifi c plans for the outdoor space yet. About $35 per square feet is the asking price for space in Offi ces at Austell, according to a representative for the owner, which is about the same in similarly converted The Factory and Falchi buildings a short distance away. The building on Austell Place isn’t the only one that Emmes is converting in Queens. Last year, the Manhattan-based fi rm paid about $30 million to buy Astoria events hall Studio Square from S Hospitality Group and converted it to Offi ces at the Square, a mixed-use offi ce and commercial space.
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