The New York City School Construction Authority is under contract to maintain its 75,000 square feet of office space in Long Island City.
The long-term renewal keeps the local government agency on the second and ground floors of the building known as The Factory, with the asking rent at $45 per square foot, as reported by the Commercial Observer, citing a source familiar with the deal.
SCA was self-represented, while Newmark brokered the deal on behalf of landlord Atlas Capital.
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The site, located at 30-30 47th Avenue, spans 1.2 million square feet. Notable other tenants at the 10-story property include Ralph Lauren, TEI Group, Halo Branded Solutions and Cardinal Industries. All the windows at The Factory offer abundant natural light, a food marketplace, bike storage, a breakroom and a gymnasium. Additionally, the property is within a three-minute walk to the seven train.
A big trend for office, as companies try to lure workers back to in-person work, is the "fight for quality." This is especially true for New York City, as Victor Rodriguez, senior director of analytics for CoStar, recently revealed that availability for trophy buildings has plummeted from 17% to just 10.7% since 2023. Meanwhile, the national average has seen just a 30 basis point drop, as New York stands out to residents as a prime business hub compared with other markets.
Atlas manages at least another office property in NYC, including 110 Leroy Street in Hudson Square of Manhattan.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
