Falchi Building

Location:

Long Island City, NY

Acquisition Date:

August 2023

Size:

733,000 SF

Asset Type:

Mixed-Use (Office, Industrial, Retail)

Opportunity:

The Falchi Building is an historic 5-story, mixed-use building located at 31-00 47th Avenue in Long Island City, NY. Developed in 1922 as a warehouse for the New York Gimbels department store, the property recently underwent a $35 million renovation including a lobby upgrade, infrastructure improvements, and the addition of tenant amenities. The property is leased to a diverse tenant roster including federal and state agencies, transit-oriented service companies, and food production retailers. Madison Capital plans to reposition and rebrand the property by (i) reactivating the building’s industrial capabilities, (ii) overseeing value-add renovations, and (iii) aggressively filling vacancies.

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