Metropolitan Realty Associates LLC leases 70,000 s/f at HUB LIC

Long Island City, NY Joseph Farkas, CEO & Founder of Metropolitan Realty Associates LLC (MRA), has announced five transactions totaling over 70,000 s/f of new, expansion and renewal leases have been executed at HUB LIC, 47-25 34th St. HUB LIC is a four-story, 346,000 s/f flex industrial building located one block south of Queens Blvd. and the seven-train stop at 33rd St. and Rawson. 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.

“The team was creative in its presentation of the building’s accessibility and flexibility to potential tenants and allows us to cater to tenants of practically any size that may be in the market. As seen with our recent leasing activity, there is strong demand for high-quality assets in premier locations and we’re excited to continue on our current trajectory,” said Brian Wallick, Nuveen’s director of Asset Management.  

“With the new floor configuration, loading docks, bathrooms and tenant-controlled HVAC systems, HUB LIC is now the premier flex/industrial building in the LIC marketplace,” said Ryan Gessin, managing director of Newmark.  

Tenant Lease Deals:

Satis&Fy, a German based event production company which operates audio and lighting equipment for major events, retailers, and attractions serving notable clients such as NIKE and Disney leased 11,192 s/f in a relocation from Brooklyn, NY. The expanded premises will serve as Satis&Fy’s 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 their 9,711 s/f lease within the building. In a separate transaction, Gracie expanded by an additional 3,070 s/f in a new suite adjacent to its existing premises. Ryan Gessin and Scott Klau represented the tenant and the landlord.

Ralph Lauren Corporation renewed its lease for 19,240 s/f. A long-time occupant of the building, RLC utilizes its space as a woodworking shop to build in-store sets and showpieces. The suite, which includes a direct shared loading ramp from 48th Ave. and 21-foot clear ceiling heights is fully air-conditioned and has HEPA filtration systems in place. Eric Deutsche of CBRE represented the tenant in this transaction.

Metropolitan Office and Computer Supplies renewed its lease for 6,700 s/f. A major distributor of office and computer supplies to businesses throughout the five boroughs, Metropolitan Office and Computer has been a long-term tenant. Nick Berger of Newmark represented the tenant and Ryan Gessin and Scott Klau represented the Landlord. 

Finally, construction is complete on a 20,014 s/f 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 s/f comprised of the entire first and second floors. The building’s multiple loading docks, overhead doors and outdoor parking provide convenient operational ability to the DOT’s fleet of working vehicles, trucks, repair, and maintenance crews.