Monday, December 2, 2013

Falchi Building to be Reborn as a Chelsea Market Clone

A former warehouse in Long Island City that’s owned by the developers of the Chelsea Market will be transformed into Queens’s version of the celebrated food paradise. Jamestown Properties is already bringing in food makers to occupy the ground floor of the famed Falchi Building on 47th Avenue near LaGuardia Community College.

With Long Island City quickly becoming a popular alternative to Manhattan for both work and play, Jamestown Properties acquired the Falchi Building, a five-story 657,660-square-foot office and manufacturing facility at 31-00 47th Avenue, for $80 million last year.

“They’re going to bring a whole new dimension to the neighborhood,” said Dana Frankel of the L.I.C. Partnership. “It aligns well with the neighborhood’s history and culture of creating things.”

Long Island City has been transformed from manufacturing to luxury towers rising on the waterfront — and trendy boutiques and restaurants have followed.  

But the Falchi Building, which occupies a full city block at the epicenter of robust development, has not enjoyed the renaissance until now.

Built in 1920, the building was the main warehouse and distribution facility for the famed Macy's department store.

Click to enlarge
In the late 1980s, it was converted into a multi-tenant asset with Carlos Falchi, the handbag manufacturer, as one of the building's first occupants. 

The Falchi Building now serves as a lower cost alternative to Manhattan for an eclectic mix of government, medical, media, engineering, and jewelry manufacturers.

Envisioned by Jamestown as a mixed-use property with retail, office and light manufacturing elements, the redeveloped property is expected to be a hit with area residents and office workers — as well as foodies seeking out hand-crafted products.

[Image courtesy of Commercial Observer >

Visit Our Sponsors

Page Views

Since October 1, 2011