The Real Deal New York

Ride-share rivals Uber, Lyft expand at Falchi Building in LIC

August 04, 2016 05:10PM

From left: the Uber app, the Falchi Building at in and the Lyft app

From left: the Uber app, the Falchi Building at 31-00 47th Avenue in Long Island City and the Lyft app

Ride-share competitors Uber and Lyft are in a race for more space.

Both firms have recently found some more legroom at the Falchi Building in Long Island City. Uber signed an 11-year lease for slightly more than 11,000 square feet on the ground floor of the building at 31-00 47th Avenue, the Commercial Observer reported.

The asking rent was $55 per square foot, and the deal brought the company’s total footprint in the building to 36,142 square feet.

Lyft, meanwhile, added 7,000 square feet to the 5,000 square feet it already leases on the fourth floor of the Jamestown building. The asking rent was in the $40s per square foot for the deal, which runs through 2021, sources told the CO.

Cushman & Wakefield’s TRData LogoTINY Kelli Berke and Mitchell Arkin negotiated both deals on behalf of Jamestown along with Greg Smith from JRT Realty Group.

JLL’s Alexander Chudnoff and Dan Turkewitz represented Uber, while the brokerage’s Steven Rotter and Justin Haber represented Lyft.

Other tenants in the 96-year-old, 658,049-square-foot building include the New York City Taxi & Limousine Commission.

Jamestown is looking to sell the property, which it bought in 2012 for $81.2 million. [CO] – Rich Bockmann