Lease Beat

Jewelry Business Expands at the Falchi Building

Unique Settings of New York, a bridal jewelry business, has expanded by 31,133 square feet at Jamestown PropertiesFalchi Building in Long Island City. The tenant has nearly doubled its footprint on the second floor and now occupies approximately 65,000 square feet.

“They have an assembly component, sales offices and a large internet component and now they occupy roughly half of the northern part of the second floor,” said Mitch Arkin, executive director at Cushman & Wakefield, who represented the landlord.

 Jewelry Business Expands at the Falchi BuildingMr. Arkin also has an office lease out on a 73,000-square-foot portion of the third floor to a tenant in the transportation business. An additional 40,000-square-foot lease is pending.

Acquired by Jamestown in 2012, the FalchiBuilding, a 640,000-square-foot former warehouse at 31-00 47th Street, is being redeveloped into a mixed-use property with retail, office and light manufacturing components. Early lobby renovations were completed last fall and a second phase is underway.

“We have a large corridor that runs down middle of the building, I call it our Main Street, and we’re going to have kiosks set up with food and tables and chairs,” Mr. Arkin noted.  

The building’s tenant roster includes the United Nations, Tourneau, Swiss Post Solutions, and Altamarea Group. New food vendors like L’Arte Del Gelato and Artisanal Cheese have also signed on.

The landlord has also opened a ground floor market, dubbed the “Food Box at Falchi,” with four independent artisanal food purveyors. “The Food Box is doing phenomenally well,” Mr. Arkin noted.

Though early observers have likened the FalchiBuilding to Jamestown’s Chelsea Market, the developer and the building’s leasing agents are quick to dispel that notion. In what Michael Phillips, Jamestown’s chief operating officer, has branded the “new economy,” the FalchiBuilding has been imagined as a destination for those tenants in need of both office space and light manufacturing.

Mr. Arkin represented the landlord alongside C&W’s Kelli Mekles and Michael Blanchard and Greg Smith and John Thompson of JRT Realty

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