Joseph A. Farkas, CEO and founder of Metropolitan Realty Associates LLC (MRA) announced that five transactions totaling over 70,000 square feet of new, expansion and renewal leases have been executed at Hub LIC, 47-25 34th St. in Long Island City, Queens, New York. Hub LIC is a four-story, 346,000-square-foot flex industrial building located one block south of Queens Boulevard. MRA owns and manages the building with long time equity partner Nuveen Real Estate.
“The transactions bring occupancy to 85%, highlighting the strength and appeal of the Long Island City (LIC) marketplace as a fantastic location for manufacturing and logistics companies to do business,” said Farkas. “The successful repositioning of Hub LIC, a best in class, multi-level flex industrial building, has transformed the full city block property into a highly functional, multi-tenant industrial building that provides industrial users large floor plates with high ceilings, abundant natural light from a continuous floor to ceiling window line.”
“The building’s heavy floor loads accommodate manufacturing users and support tremendous loading and vertical transportation for logistic users that require quick access to the five boroughs and beyond,” Farkas said. The property includes a one-acre outdoor parking lot for tenant use. Newmark brokers Scott Klau and Ryan Gessin represented the landlord in all leasing transactions.
Satis&Fy, a Germany-based event production company leased 11,192 square feet to serve as its New York operations warehousing and offices. Satis&Fy was represented by Newmark’s Jordin Gosin and Alex Rosenblum.
Gracie Studio, a 120-year-old, private family-owned high-end retailer specializing in hand-painted wallpaper and Asian antiques, renewed its 9,711-square-foot lease within the building. In a separate transaction, it expanded by an 3,070 square feet in a new suite adjacent to its existing premises. Gessin and Klau represented the tenant and the landlord.
Ralph Lauren Corporation renewed its lease for 19,240 square feet of space it uses as a woodworking shop to build in-store sets and showpieces. Eric Deutsche of CBRE represented the tenant in this transaction.
Metropolitan Office and Computer Supplies renewed its lease for 6,700 square feet. Nick Berger of Newmark represented the tenant and Gessin and Klau represented the Landlord.
Construction is complete on a 20,014-square-foot expansion of the NYC Department of Transportation’s occupancy of the building’s ground floor. This expansion brings the DOT’s total occupancy within the building to 212,000 square feet comprised of the entire first and second floors.
