44 The Queens Courier • NOVEMBER 13, 2014 FOR BREAKING NEWS VISIT www.queenscourier.com ▶ real estate Offices at the Square begins marketing space above popular LIC beer garden BY LIAM LA GUERRE lguerre@queenscourier.com @liamlaguerre The new owner of events hall Studio Square in Long Island City is converting PRIME COMMERCIAL LOCATION AVAILABLE – EARLY 2015 4075 BOSTON ROAD, BRONX NY • LOCATED JUST OFF THE BUSY INTERSECTION OF BOSTON, PROVOST AND CONNER. NEAR I-95, NORTH AND SOUTHBOUND, EXIT 13 • PRIME BUSINESS LOCATION • 15 MINUTES FROM ALL BRIDGES • COMMERCIAL BUILDING WITH YARD/PARKING • HIGH CEILINGS • IDEAL FOR AUTO SALES & REPAIR. BUILDING, ELECTRICAL, PLUMBING M1 ZONE SUPPLIES. LIGHTING & KITCHEN SHOWROOM. ATLANTIC REALTY SERVICES CORP Licensed Real Estate Brokers CALL 914-907-7651 OR 914-438-7060 Photo courtesy of Modern Spaces The Rego Modern is one of a number of new luxury buildings in Rego Park pushing up rental prices Queens rents jump, fueled by luxury buildings in Rego Park BY LIAM LA GUERRE lguerre@queenscourier.com Prepare to pay higher rents if you want to live in Queens. An influx of new luxury buildings in Rego Park and the continued popularity of Astoria contributed to the average price for an apartment rising to $2,097 in October, according to the Queens Rental Market Report released by MNS Real Estate. The prices for studios, one- and twobedroom apartments jumped slightly from September, with notable changes in rents coming from Rego Park and Astoria. In Rego Park, the average price increased because of new luxury buildings, according to the report. “A notable growth spurt continues to take place in Rego Park as prices bounced back after a slight downturn last month,” the report said. “Developments such as The Contour at 97-45 Queens Blvd. and more recently, The Rego Modern at 99-39 66th Ave. are leading this progression.” Renters in Astoria paid 5.3 percent more in October than September, the report showed. Studio prices in the neighborhood jump 7.05 percent to an average of $1,772. it into an office building, and has begun marketing space as Offices at the Square. The building, which is located at 35-37 36th St., was constructed in 1930 and originally used as a factory, according to city records. Emmes Asset Management bought the structure in June for nearly $30 million from S Hospitality Group, which opened Studio Square in 2009. S Hospitality paid $13.7 million for the property in 2008, city records show. The popular beer garden, The Garden at Studio Square, on the ground floor of the building, will stay put, but Emmes is looking for new office tenants to fill the second to sixth floors — approximately 63,000 square feet — as S Hospitality Group moves out by July 2015. Emmes is willing to separate the floors for a mix of companies or lease the full available space to one tenant, according to a representative of JRT Realty Group, which is handling leasing in the building. As the land prices in Long Island City continue to rise, developers are turning to residential buildings to maximize profits, experts said, but Offices at the Square provides an opportunity for much-needed office space for companies looking to expand or move into the area. “Offices at the Square is no doubt an attractive alternative for office tenants, including high growth, emerging tech or creative firms getting priced out of the city,” said George Karnoupakis, asset manager of Emmes’ NYC Interborough Fund. Each level in the building has been modernized within the past few years with polished concrete floors, and the fifth and sixth floors feature floorto ceiling windows with unobstructed views of the Manhattan skyline, according to JRT Realty. But the former factory building retains its tall, exposed ceilings, and open spaces. The roof features more views of the Queens landscape and city skyline as well as functions as a meeting space for companies. The R, N, Q, and M subway lines are near Offices at the Square, and eateries such as Dunkin’ Donuts, S Prime Steakhouse and the newly opened Mexican restaurant Tacuba are on the same block. Visit the Offices at the Square website for more information. THE COURIER/Photos by Liam La Guerre
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