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Queens Chronicle

Not exactly the next Chelsea Market

Jamestown Properties buys the Falchi Building in Long Island City

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Posted: Thursday, November 7, 2013 10:30 am | Updated: 11:33 am, Thu Nov 14, 2013.

Several weeks ago, the rumor that a Chelsea Market-esque space would be coming to Long Island City spread like wildfire but representatives of Jamestown Properties, the owner of the Chelsea Market and the recently acquired Falchi Building on 47th Avenue in LIC, said that isn’t really the case.

“LIC is a hotbed for the arts and tech industries. With the uptick in residential development, and increased visitors to places like the LIC Flea, MoMA PS1 and NYC Spaceworks Queens, the neighborhood around Court Square now has an inherent need for retail and office space,” said Michael Phillips, COO of Jamestown. “Falchi will set the standard for innovative growth in the area and cater to the needs of future tenants while maintaining a creative and dynamic work environment in close proximity to Midtown.”

The 657,660-square-foot mixed-use Falchi building was acquired by the company in 2012. Construction for the repositioning of the building commenced in September to implement a significant capital improvement program including facade and lobby renovations, furniture upgrades, new art installations and the introduction of new food purveyors to provide amenities for tenants, surrounding offices and institutions in the area.

Artisanal Cheeses, a tenant of the highly popular Chelsea Market, confirmed that they would be opening a shop at the Falchi building which may have sparked the rumor reported by several newspapers that Long Island City would be getting its own Chelsea Market.

“I was looking forward to a market,” Marie Gerson, a Long Island City resident who read about the possibility in a newspaper. “I mean, it’s great something new is coming, that’s always exciting and maybe, in the end, it’ll be better that we don’t have a Chelsea Market. Parking is bad enough as it is, right?”

Existing tenants of the Falchi Building include the United Nations, Tourneau, Swiss Post Solutions and the Altamarea Group.

The building, erected in 1920, was the main warehouse and distribution facility for the famed Gimbels department store. 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.

Today, Falchi officers a layout for a variety of uses including retail, office, warehouse, showroom, research and development.

“Jamestown is applying its food-focused place-making experience to Falchi’s ground floor concourse, making it a gathering place for building tenants and the surrounding neighborhood,” a press release read.

There is no date slated for the completion of the repositioning.

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