The jewelry manufacturer is relocating and expanding into 13,300 square feet at 31-00 47th Ave., also known as the Falchi Building. It's been located at 64 W. 48th St. in the Diamond District, a neighborhood where asking rents are on the order of $40 to $50 per square foot, for more than 20 years. Walter Hollenberg of Midtown Commercial Real Estate represented Quality Casting.

The tenant will receive up to $3,000 in tax credits for each of its 55 employees every year for up to 12 years under the city's Relocation and Employee Assistance Program, and as additional employees join after the relocation, they are qualified as well under REAP. Another tax break came in the form of the city's Commercial Expansion Program, which provides rent abatement up to $2.50 per square foot for commercial, industrial and manufacturing businesses. However, Unger tells GlobeSt.com that the tax breaks aren't the only factor.

"While many tenants are attracted to the Falchi Building because it is pre-qualified for these incentives, the building's location, access to major highways and mass transit, amenities and hands-on management" help strengthen its appeal, he says. Originally built as a Macy's warehouse, the five-story, 640,000-square-foot property has been owned by Kalmon Dolgin since 2005.