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    The Largest CRE Database in the US with Over 1 Million Listings

    31-00 47Th Ave, Unit falchi Long Island City, NY 11101

    Sponsored
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    For Lease
    Contact for pricing

    Discover many ways to work your way in Twin Towers

    Description

    Added:
    Feb 23, 2026
    Days on Market:
    1
    OFFICE SPACE IN CREATIVE LONG ISLAND CITY.
    Situated in the heart of New York’s thriving arts community, Spaces NYC is an exclusive location offering office space in a burgeoning, creative neighborhood. The building’s unique design along with our tailored service concept, makes Spaces NYC an energetic, inspiring and unique working environment. With more art institutions than any other neighborhood in New York, there’s plenty of freedom to take a cultural break to one of the many galleries in area, soak up the atmosphere of the sculpture gardens or take inspiration from the famous views over Manhattan.

    Known just as much for its industry as its creativity, Spaces NYC is located in one of the most vibrant business communities in the city and largest manufacturing centers in the state. A transportation hub, Long Island City offers ease of access to Midtown and Brooklyn. Constructed in 1922, the historic Falchi building is a unique landmark on Long Island City, providing a creative oasis just a stone’s throw away from bustling Manhattan. This former famous New York Gimbels department store, now has a new life as office space for startups, entrepreneurs, art galleries and delicious eateries. A stylish rooftop deck and urban garden will soon be open for you to unwind with your fellow co-workers under the New York City sky.

    Property Features for 31-00 47Th Ave

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease

    Amenities

    24 Hour Access
    Air Conditioning
    Breakroom
    Business Center
    Close to Public Transportation
    Conference Rooms
    Controlled Access
    Elevator
    Fiber Optic Internet
    Furnished Units Available
    Internet
    Lounge
    Meeting Event Space
    On-Site Security Staff
    Online Services
    Package Service
    Reception
    Recycling
    Storage Space
    Wheelchair Accessible
    Wi-Fi

    Spaces For Lease

    at 31-00 47Th Ave,Unit falchi, Long Island City, NY 11101 Contact us

    We can help!

    Listing Contact
    Regus USA
    Regus USA

    Learn more

    HighLights

    • Make a home for yourself and your team in a private office, fully serviced and flexible, with everything included
    • Grow in a modern workplace with the added advantage of a benefits program offering exclusive discounts and bespoke procurement support
    • Find your own private desk in a beautifully designed shared workspace with 24/7 access, a personal locker, and an inviting reception team
    • Virtual offices allow you to establish a presence at any Spaces location worldwide with mail handling, a virtual call assistant, and on‑demand access
    • Spaces' meeting rooms have everything you need from audiovisual equipment, whiteboards, and Wi‑Fi to food and beverage services
    • Plug into Spaces' energy and watch your world accelerate. Let's get in touch.
    Location Intelligence

    Current Use by Public Records

    UpGrade Communications Marketing & Advertising AECOM Engineering Consultant Trivino Law Firm ... Law Firm Metasquare Inc (Bike/Boat/Book/etc) Store Hailify (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    State
    New York
    Longitude
    -73.93560886
    Latitude
    40.74279575

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    FAQs

    What type of property is this?
    Office Property / Space - Discover many ways to work your way in Twin Towers
    Where is this office property / space located?
    The property is located at 31-00 47Th Ave, Unit falchi Long Island City, NY.
    What are key features of this property?
    This property features: 24 Hour Access Air Conditioning Breakroom Business Center Close to Public Transportation Conference Rooms Controlled Access Elevator Fiber Optic Internet Furnished Units Available Internet Lounge Meeting Event Space On-Site Security Staff Online Services Package Service Reception Recycling Storage Space Wheelchair Accessible Wi-Fi
    (972) 764-8885
    Request Owner's contact information
    31-00 47Th Ave, Unit falchi Long Island City, NY 11101
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    Long Island City, NY 11101
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    31-00 47Th Ave, Unit falchi Long Island City, NY 11101
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    Listing Contact
    Regus USA
    Regus USA
    (972) 764-8885
    Learn more
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