By Amanda Fung on May 11, 2010
Real Estate Deal Watch, Crain’s NY Business

Cornell Medical College will be planning and designing its future Manhattan biomedical research facility from a new office on the far side of the East River.

The clinical and medical research center has leased 10,500 square feet for four years at The Falchi Building, located at 31-00 47th Ave. in Long Island City, Queens. Asking rent for the space was $15 per square foot.

Weill Cornell Medical College, an affiliate of New York-Presbyterian Hospital, will use the ground-floor space to design, build and create prototype lab facilities for use in its anticipated Medical Research Building on East 69th Street, between York and First avenues, in Manhattan.

“The area is well suited for them,” said Jeff Unger of Kalmon Dolgin Affiliates, which is the Falchi Building’s landlord.

The property is right over the 59th Street Bridge, is close to public transportation and even has its own private garage. All of that makes the new space ideal for doctors, administrators and board member to have access to, according to Mr. Unger. The building’s 24/7 access and security was also a plus.

The Falchi Building is a mixed-use five-story complex that is nearly 90% occupied. The tenant was represented by John Adams of John L. Adams Associates.

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Weill Cornell Medical College

31-00 47th Ave., Queens, 11101

Tenant: Weill Cornell Medical College

Tenant brokerage firm: John L. Adams Associates

Tenant broker: John Adams

Square feet: 10,500 sq ft.

Floor: 1

Asking rent: $15 per sq ft.

Type of Deal: Lease

Industry: Commercial Real Estate

Lease length: 4 years

Neighborhood: Long Island City

Landlord: Kalmon Dolgin Affiliates

Landlord broker(s): Jeff Unger

The medical school will plan and design its new Manhattan biomedical research facility from the comfort of inexpensive space in Long Island City.