Polo Ralph Lauren takes 19K sf at LIC’s “Factory”
Clothing company signs nine-year deal for photo studio at converted warehouse
Polo Ralph Lauren is the latest creative tenant to hop over to Long Island City, where the clothing company is taking more than 19,000 square feet at the converted former warehouse known as the Factory.
The fashion brand signed a nine-year lease for a lower floor at the 1.1 million-square-foot property, located at 30-30 47th Avenue Between 31st Street and 30th Place.
The company is expected to use the space as a photo studio for its products – becoming the second clothing retailer to do so, after Macy’s signed a massive deal last August to consolidate its Brooklyn photo studios into 150,000 square feet at the building.
While asking rent for the Polo Ralph Lauren lease was not immediately available, they’ve previously ranged from the mid-$30s to mid-$40s per square foot at the property, according to the New York Observer, which first reported the news.
The Factory is owned by a partnership between Atlas Capital Group, Square Mile Capital Management and Invesco Real Estate, who acquired the 90-year-old building in 2014 and kicked off a massive renovation and rehabilitation project.
Long Island City’s growing appeal as an office district for creative and TAMI tenants has seen investors flock to the neighborhood recently. Hedge funder Daniel Loeb bought a stake in a 150,000-square-foot former warehouse there last year, while the likes of Vornado Realty Trust and RXR Realty have also made moves for office properties in the area. [NYO] – Rey Mashayekhi