Lease Beat

New Leases Total Roughly 70K Square Feet at Falchi Building

The Falchi Building at 31-00 47th Avenue in Long Island City.

The Falchi Building at 31-00 47th Avenue in Long Island City.

The NYC Taxi & Limousine Commission and City of New York Office of Trials and Hearings will take a total of 72,577 square feet at the 620,000-square-foot Falchi Building located at 31-00 47th Avenue in Long Island City.

The Taxi Commission will occupy roughly 42,400 square feet, while OATH will have roughly 30,000 square feet, according to a spokeswoman for Jamestown, the building’s owner, who declined to comment on asking rent or when the tenants will move in. Both spaces on the third floor of the five-story building were previously vacant.

Jamestown acquired The Falchi Building for $81.2 million in 2012, according to property records. The real estate investment and management company subsequently redeveloped the former warehouse into a mixed-used retail and office property.

Falchi Building rendering.

Falchi Building rendering.

Tenants of the Falchi Building include a “mix of government, medical, media, tech, engineering and jewelry manufacturers,” according to Jamestown’s site. Bridal jewelry business Unique Settings of New York expanded to 65,000 square feet on the second floor of the building, CO reported in February, while raw juice and smoothie bar, Juice Pressrelocated to 13,459 square feet on the ground floor of the building from two retail spaces in Manhattan, CO reported in March.

Jamestown was represented by a team led by Mitchell Arkin of Cushman & Wakefield, while Michele Freeman and John Morrill of CBRE represented both tenants. Neither brokers representing the landlord nor tenants immediately responded to requests for comment regarding the transactions.