Savanna acquires Falchi Building from Jamestown

Savanna, a NYC-based real estate investment manger, has acquired The Falchi Building, a five-story, 711,194-square-foot, mixed-use property in Long Island City.

Savanna, which purchased it from Jamestown LP, also owns One Court Square, the CitiBank Building office tower.

“Our acquisition of the Falchi Building demonstrates our continued commitment to Long Island City,” said Andrew Kurd, director of Savanna. “We are excited to position Falchi to serve incredibly robust demand for office space in Long Island City and are looking forward to making additional contributions to the area’s creative culture.”

Savanna will implement a $35 million capital improvement plan at Falchi focused on building amenities and infrastructure work. The improvements include upgrading building systems, modernizing the elevators, renovation common corridors and bathrooms and develop a new ground floor for retail.

Cushman & Wakefield will head the retail leasing effort.

“We’re excited to partner with Savanna, and look forwarding to continuing on the execution of a robust leasing campaign for The Falchi Building,” said Mitch Arkin, a Cushman & Wakefield executive director, “which we believe has paved the way for much of the exposure from the brokerage community into the Long Island City market.”