Some of the buildings tenants include MCI Worldcom Network Services, DeVry Institute of Technology, New York City School Construction Authority, New York City Department of Trasportation and the New York City Department of Design and Construction. The NYSCA, NYCDOT and NYCDDC together lease 95% of the Center Once building. The 100% leased status starkly contrasts with the low rental rate of about 40% in the 1990s.

"There has been an enormous increase of interest in this area. Long Island City is benefiting, both commercially and residentially," says Michael A. Burak, president of the eponymous company in a statement, "and I intend to help position the Queens Atrium Corporate Center for the future." He attributes the success of the area to the fact that its rates are 20-60% lower than those in Manhattan. He also notes that the "scarcity" of available space has driven the interest in Queens.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.