According to The Real Deal, the Falchi Building is about to be sold for $255 million, more than triple the $81 million paid back in 2012 by current seller Jamestown Properties. Upon purchasing the building, located near the 33rd St. 7-train station (and two blocks from City Ice Pavilion), Jamestown converted it from the old-LIC mode – storage/distribution, to office space. They were the first to do it in LIC, and subsequently numerous others have followed suit.
Evan Daniel, who heads Modern Spaces commercial & investment property group, has heard from sources that Jamestown spent between $13-$15 million in capital improvements to bring the building up to date. Even including those costs, Jamestown’s timing and vision were pretty Continue reading