Uber Expands to More Than 36K SF at Falchi Building in LIC
By Lauren Elkies Schram August 3, 2016 6:00 pm
reprints
Organic growth has prompted rideshare giant Uber to take a bigger chunk of space at Long Island City’s Falchi Building, Commercial Observer has learned.
Uber signed an 11-year lease for 11,068 square feet on the ground floor of the building, at 31-00 47th Avenue between 31st Place and 31st Street, bringing its total square footage to 36,142, a source with knowledge of the deal told CO. The asking rent was $55 per square foot.
Last October Uber took 2,218 square feet on the ground floor and 22,856 square feet on the second floor, for a total of 25,074 square feet.
Uber’s not the only taxi service in the 96-year-old, five-story 658,049-square-foot property. Lyft, a direct competitor with Uber, leases 4,452 square feet at the property, according to CoStar Group. The NYC Taxi & Limousine Commission, a city agency that regulates yellow cabs and private car services such as Uber and Lyft, occupies 72,000 square feet.
JLL’s Alexander Chudnoff and Dan Turkewitz represented Uber in the deal, and Cushman & Wakefield’s Mitchell Arkin and Kelli Berke worked on behalf of the landlord, Jamestown, along with Greg Smith of JRT Realty Group. Spokesmen for both brokerages did not immediately respond with comments.
Meanwhile, news broke this past Sunday that Doughnut Plant, the 22-year-old company born on the Lower East Side, has taken 10,000 square feet of manufacturing space on the ground floor of the Falchi Building.
Jamestown bought the office building for $81.2 million in 2012, and has enlisted Douglas Harmon and Adam Spies of Eastdil Secured to market the property for sale.
