THE PLAN

31-00 47th Avenue
With Long Island City quickly becoming a popular alternative to Manhattan, both for work and play, Jamestown Properties last year acquired the Falchi Building, a 640,000-square-foot office and manufacturing facility at 31-00 47th Avenue. Envisioned by Jamestown as a mixed-use property with retail, office and light manufacturing components, Mitch Arkin, executive director at Cushman & Wakefield, is preparing to market space in the building as existing tenants move out and space becomes vacant. Though Jamestown has employed similar formats elsewhere, the developer is at pains to stress that the Falchi Building is not Chelsea Market and is, in fact, its own unique opportunity. “We think we can develop this into something that is aligned with the Jamestown brand,” Mr. Arkin told The Commercial Observer.
The well-known Jamestown model will be employed at the Falchi Building and will see the ground floor transformed into a food hub and other retail outlets. “The retail component of the building is really going to be an asset,” Mr. Arkin said. “That is really going to be a huge amenity.” Clocking in at more than 110,000 square feet, a portion of Falchi’s massive third floor is currently being marketed to potential tenants. A number of market sectors are being eyed, including tech, jewelry, publishing and consumer goods. “We’re in an innovative economy where you have not only an office user or a tech user or a creative user but somebody that may do a combination of things,” Mr. Arkin said. “Like a tech company that wants to have a light manufacturing component in the space.” The space can be split between two tenants 50/50 and is best divided that way. “If you drew a line down from the orange portion of the space,” Mr. Arkin said, “that would be half the floor. It makes for a very efficient space.” For a larger company that wants the feel of an entire floor, two of the plate’s five elevator banks could be converted to open onto a central office corridor rather than shared space. “What we offer to companies is taking the elevator to the south and, possibly, one to the north, converting one of each to passenger cars and having them open directly into their space.” Though Mr. Arkin emphasized the 50/50 split, smaller tenants could potentially be accommodated. “If someone needed 20,000 square feet, we might consider cutting up some of the yellow portion,” he said. “The other portion we won’t divide.”

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42 | OCTOBER 29, 2013  | COMMERCIAL OBSERVER

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