Earlier this week, SL Green,New York’s largest office landlord has announced it will sell the iconic One Court Square,Queens’ highest building fully occupied by Citibank.
The 1.4-million-square-foot office tower inLong IslandCityis selling for $340 per square foot to a group of Israeli investors that includes Joel Schreiber, the owner of Waterbridge Capital and David Werner, a private real estate investor from Brooklyn (who closed on1700 Market StreetinPhiladelphiafor $143 million just this September).
SL Green has owned the 50-storyt building since 2006. It is estimated that the company will net approximately $43 million. Not bad of a return in 5 years! The company announced a few high-profile purchases so that’s where the proceeds from the Citibank building will be going.
As a publicly traded REIT (Real Estate Investment Trust), SL Green has access to financing like no other office landlord in NY. It’s too bad such a company is divesting itself of its flagship Queens property and putting more money in places like downtownManhattan.
I wonder if they will continue to manage the building. Give it a few weeks and check the metal plaques on the façade.