Doug Harmon and Adam Spies of Eastdil Secured are currently marketing the Falchi Building in Long Island City for Jamestown Properties. Located at 31-00 47th Ave, the building which is over 630,000 square feet was purchased in 2012 by Jamestown from the Chetrit Group, headed by Joseph Chetrit for $80 million. The building once served as a warehouse for the famed department store Gimbel Brothers and was converted to an office building in the 1980s. Jamestown has made many improvements to the building during their tenure and has boasted new leases in the $40s per square foot with tenants such as Regus, Doughnut Plant, Juice Press, Lyft and most recently a lease with their competitor Uber.
Harmon and Spies recently sold Brickman’s property nearby at 47-25 34th St (a.k.a The Hub) for $90 million to a partnership between the investment firms TIAA and Metropolitan Realty Associates.
Queensbeans will continue to update this story as it develops.