1 Court Square could see resi conversion under new owners
Condo or rental conversion contingent on Citigroup leaving upon lease expiring
May 14, 2015 05:42PM
1 Court Square in Long Island City
The Citigroup Building at 1 Court Square in Long Island City could be reinvented as a residential property under new ownership, with the upper levels of the building converted into condos or rentals.
Such a conversion would be contingent on Citigroup failing to renew its lease at the 673-foot-tall Queens tower, which is the tallest building in the outer boroughs. The financial services firm’s lease reportedly expires in 2020.
The 1.5 million-square-foot property hit the market earlier this month, less than a year after real estate private equity and asset management firm Savanna acquired a controlling interest for an undisclosed amount.
While no asking price has been specified, the building is expected to fetch much higher than the $500 million it traded for in 2011, according to the New York Daily News. [NYDN] – Rey Mashayekhi
