The Real Deal New York

Jamestown looks to sell Falchi Building in Long Island City

Developer bought 658K sf property in 2012 for $81M

July 08, 2016 06:10PM

The Falchi Building at in Long Island City (inset from top: Adam Spies and Michael Phillips)

The Falchi Building at 31-00 47th Avenue in Long Island City (inset from top: Adam Spies and Michael Phillips)

Jamestown Properties is quietly shopping Long Island City’s Falchi Building for sale.

The developer, which bought the 658,000-square-foot office building for $81.2 million in 2012, has enlisted Doug Harmon TRData LogoTINY and Adam Spies at Eastdil Secured to market the property, Queens Beans reported.

Sources confirmed the property is being marketed, though pricing information was not available.

The Eastdil team marketed the property at 31-00 47th Avenue on behalf of the Chetrit Group when Jamestown bought it back in 2012.

In the interim, Jamestown renovated the building and signed tenants like the ride-sharing app Uber, Doughnut Plant, Juice Press and Lyft.

The building is 91 percent leased, according to CoStar, and rents are reportedly in the area of $40 per square foot. [Queens Beans]Rich Bockmann

MENU