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Savanna Completes Upgrades at LIC’s Falchi Building

Savanna has completed a $20-million capital improvement plan at the Falchi Building, a five-story, 736,407-square-foot office and retail building in Long Island City’s Factory District. Simultaneously, the owner-developer is offering a new full-floor availability of 95,000 contiguous square feet on the property’s highest floor.

“We planned the completion of our capital improvements to coincide with the availability of the full fifth floor of Falchi,” said Andrew Kurd, managing director of Savanna. “The ability to show the full scope of our renovation to potential tenants supports our leasing efforts, as does the current momentum within this market.”

A Cushman & Wakefield team of Mitch Arkin, Ethan Silverstein, Haley Fisher, Kelli Berke and Omar Sozkesen serves as exclusive leasing agents for the property’s office space. Mike Azarian, also of Cushman & Wakefield, heads up retail leasing. Savanna acquired the property from Jamestown in late 2016 for a reported $255 million.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Lease