The new plans for the Falchi Building, courtesy of Savanna, have been released
Nearing the end of 2016, developer Savanna purchased the tower known as the Falchi Building, which is located in Long Island City. According to recent reports, the company has invested $35 million in a renovation project for the tower and the process has already begun. The investment will go toward upgrading the building’s system, its lobby and the common areas, as well as to reconfiguring the retail area of the tower.
The company also has plans to build a marketing center, from scratch. It will be located on the second floor and will span 7,500 square feet. This center will emphasize the design of the building, as well its configuration and its appliances.
According to Savanna, 85% of the building is already leased. The tower has many notorious tenants, like Uber, Lyft and the New York City Taxi and Limousine Commission. Once 2018 is over, a penthouse on the fifth floor will become available, as well as space on the roof that will probably be turned into a deck.
The Falchi Building has been exchanging hands for the last few years. The Chetrit Group sold it in 2012 to Jamestown Properties. Jamestown renovated it and increased its value in a substantial manner before selling it to Savanna in December of last year. When Jamestown bought the building, the firm paid $81 million, but they received $225 m from Savanna last year.
Further down the road, Cushman & Wakefield will be in charge to market the office and retail components of the Falchi Building, and Savanna has high hopes for their project. [Bisnow]