Jamestown on Cusp of Buying $80 Million Chetrit LIC Property: Report

Daniel Edward Rosen — Thu, 17 May 2012 14:26:44 -0400

Jamestown Properties, the owners of The Chelsea Market and One Times Square, is on the cusp of purchasing The Falchi Building, a Long Island City office property co-owned by Joseph Chetrit for over $80 million.

(photo courtesy of CoStar)

The deal for the 638,712 square foot industrial-slash-office building on 31-00 47th Avenue, which was first reported by Adam Pincus of The Real Deal, was brokered by Douglas Harmon, Adam Spies, and Kevin Donner of Eastdil Secured. Mssrs. Harmon and Spies did not immediately respond to messages requesting comment. Neil Dolgin, a co-president of Kalmon Dolgin Affiliates which since 2005 has co-owned The Falchi Building with The Chetrit Group, refused to comment on any aspect of the deal.

Jamestown Properties did not immediately respond to requests for comment.

Average asking rents in the building range from $18 to $20 a square foot, according to CoStar data. There is roughly 76,383 square feet of office space available in the building, which already has tenants like Tourneau and Weill Cornell Medical College, according to CoStar.

Both the Chelsea Market and the Falchi Building have at one point during their histories shared an owner in Irwin Cohen and Angelo Gordon, The Real Deal reports.

drosen@observer.com

The Commercial Observer » Jamestown on Cusp of Buying $80 Million Chetrit LIC Property: Report

Jamestown on Cusp of Buying $80 Million Chetrit LIC Property: Report