The Real Deal New York

Macy’s inks lease for 150K sf Long Island City studio space

The Factory Building will house department store's photo studio
August 11, 2015 05:55PM

Macy’s just signed one of the biggest Long Island City leases of the year, taking 150,000 square feet at the Factory Building at 30-30 47th Avenue that will house its photography studio and set space.

The department store will use the new space to photograph its merchandise, with its current photo studio space spread across various floors at Macy’s Fulton Street store in Downtown Brooklyn.

The 1 million-square-foot Factory Building is owned by a partnership between Atlas Capital Group, Square Mile Capital and Invesco, according to Crain’s. Macy’s was an original tenant at the property when it was built in 1926, having used its space there as a furniture warehouse, according to the building’s website.

The deal signifies Long Island City’s growing appeal as an office district attractive to creative tenants. Hedge funder Daniel Leob recently bought a stake in a 150,000-square-foot former warehouse in the Queens neighborhood, while the likes of Vornado Realty Trust and RXR Realty have invested in Long Island City office properties in recent months.

Barneys New York moved a small part of its operations to Long Island City earlier this year, signing a 10,000-square-foot manufacturing space and office lease at Plaxall Properties’ 5-25 46th Avenue. [Crain’s] — Rey Mashayekhi