Tag Archives: One Court Square

New owner buys Queens’ tallest building


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre

The tallest building in Queens— and New York State outside of Manhattan— has a new owner.

Savanna, a real estate investment firm, announced on Monday that together with a partnering company it acquired a controlling interest in One Court Square, the 51-story building in Long Island City occupied by Citibank.

“We are thrilled to announce the acquisition of this terrific asset in Long Island City,” said Nicholas Bienstock, managing partner of Savanna. “One Court Square not only features attractive building amenities and convenient transportation access, but is also located in the heart of Long Island City, which has transformed over the past 10 years into one of the most attractive up-and-coming residential and office markets in the city.”

The group of investors led by David Werner, who previously owned the 1.5 million-square-foot building, will remain a smaller partner of the building.

Savanna did not release the price it paid for the tower, but Crain’s reported that the purchase would have been a much greater value than the nearly $500 million that Werner paid for it in 2011.

One Court Square was designed by Skidmore, Owings & Merrill LLP, and built by Turner Construction in 1989.

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What’s new in Long Island City


| smosco@queenscourier.com

2 HUNTERS POINT RENDERw

No matter what time of year it is and what holiday is upon us, new developments in the neighborhood never cease. New restaurants, businesses, praise and that Hunters Point South project continue to move forth.

Here’s just a few items to come through recently:
Chocomize, a maker of chocolate bars that can be customized with over 100 topping options, recently relocated to LIC. After outgrowing their second space, they came to LIC to expand.

Rockrose Development Corporation recently announced that they will construct a 42-story, 709 unit residential rental building at 43-10 Crescent Street. Linc LIC, the first of a four building projects, will be completed in 2013.

The current owner of the Citibank Tower at One Court Square will sell the property to Waterbridge Capital. The sale price has been estimated to be $500 million.

Three new restaurants have opened in LIC in the last few weeks. Bear, featuring Eastern European influenced dishes with farm-to-table ingredients, is located at 12-14 31st Avenue.

Skinny’s Cantina, 47-05 Center Boulevard, is now serving Mexican dishes and cocktails and Alobar, which boasts craft beers and modern comfort food with an emphasis on seasonal and local ingredients, is located at 46-42 Vernon Boulevard.

LIC-based Quadlogic Controls Corp is the winner of the Wall Street Journal “Small Business, Big Innovation” award for its new product that attacks the environmentally unfriendly, costly and growing problem of electricity theft in various international markets.

Developments are still underway at Hunters Point South. The City of New York continues work on the Hunter’s Point South project, a waterfront development on a 30‐acre parcel of land in LIC that is bounded by 50th Avenue, 2nd Street, Newtown Creek and the East River. As part of the project, the New York City Economic Development Corporation (NYCEDC) continues infrastructure installation (sanitary and storm sewers, water mains, roadways, curbs, and sidewalks). Construction of a 10‐acre waterfront park will start this month. It will include a playground, dog run, and large “green” that will serve as a place for active recreation as well as passive uses.

INFRASTRUCTURE CONSTRUCTION
Work Initiated/Completed During October
• Continuation of dewatering to allow for ongoing subsurface construction
• Backfilling of former 2nd Street water tunnel, south of 50th Avenue
• Continuation of installation of sanitary sewer system:
• 2nd Street, 50th Avenue to south of Borden Avenue
• Installation of storm sewer system
• 2nd Street, Borden Avenue south toward 54th Avenue
• Construction of chambers for 48” and 42” Combined Sewer Outfall (CSO) system at East River and upland chambers
• Continuation of relocation of existing/installation of new Con Edison utility structures (primarily west side of 2nd Street and north side of Borden Avenue, east of 2nd Street).
- Courtesy of the NYCEDC