The Real Deal New York

Kids entertainment company more than doubles space in LIC

Spin Master will lease a total of almost 51K sf in the Factory building
By Eddie Small | January 11, 2019 05:20PM

The Factory in Long Island City

A children’s entertainment company based in Canada is more than doubling its foothold at the Factory in Long Island City.

Spin Master has signed a nearly 26,000-square-foot six-year lease at the building, the property owners announced on Friday. Cardinal Toys, the games and puzzle division of the company, previously leased 25,000 square feet on the building’s sixth floor.

The deal brings Spin Master’s total footprint in the building to just under 51,000 square feet.

A team of Brian Waterman, Howard Kesseler, Jordan Gosin and Alex Rosenblum from Newmark Knight Frank negotiated the deal.

The Factory is located at 30-30 47th Avenue in Long Island City, and asking rents typically are in the low $40s per square foot. Spin Master will join other tenants at the building including HALO Branded Solutions, Ralph Lauren and Macy’s.

Invesco Real Estate, Atlas Capital Group and Partners Group all co-own the building. Square Mile Capital sold its stake in the property to Atlas and Partners in April in a deal valuing the property at $400 million.