X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Lion & Lamm Capital LLC, Philips International and the Tawil Family have named Manhattan-based Michael A. Burak Inc. to manage and lease the Queens Atrium Corporate Center. The center, once known as the International Design Center, is comprised of two buildings located at 30-20 and 30-30 Thompson Ave. in Long Island City. All 1,068,000 sf of total space in the two buildings are leased at this time.

Some of the buildings tenants include MCI Worldcom Network Services, DeVry Institute of Technology, New York City School Construction Authority, New York City Department of Trasportation and the New York City Department of Design and Construction. The NYSCA, NYCDOT and NYCDDC together lease 95% of the Center Once building. The 100% leased status starkly contrasts with the low rental rate of about 40% in the 1990s.

“There has been an enormous increase of interest in this area. Long Island City is benefiting, both commercially and residentially,” says Michael A. Burak, president of the eponymous company in a statement, “and I intend to help position the Queens Atrium Corporate Center for the future.” He attributes the success of the area to the fact that its rates are 20-60% lower than those in Manhattan. He also notes that the “scarcity” of available space has driven the interest in Queens.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.