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Jamestown Looks To Sell Falchi Building

Jamestown Looks To Sell Falchi Building

About four years after picking it up for $81.2M, Jamestown is putting the Falchi Building in Long Island City on the market.

The 639k SF office building at 31-00 47th Ave is being marketed by Eastdil Secured’s Doug Harmon and Adam Spies, QueensBeans reports. Tenants in the building include Uber, its chief competitor, Lyft, Regus and The Donut Plant, each of which came on board since Jamestown bought the building.

Asking rents run in the $40s/SF. An asking price hasn’t been released. Values in the area have surged in recent years. Atlas Capital paid $102M for a 1M SF warehouse building across the street in fall 2013. Atlas and JV partner Invesco have since repositioned it for creative office use and dubbed it The Factory.

Last month, Brickman entered a contract to sell a 432k SF warehouse-to-office conversion at 47-25 34th St for $90M. [QB]