Tag Archives: One Court Square

Barneys takes space in Long Island City building

| lguerre@queenscourier.com

Photo courtesy Scott Bintner/PropertyShark

Luxury chain store Barneys New York has moved part of its visual department into Long Island City.

The department store took a 10,000-square-foot space out of 5-25 46th Ave., a three-story building owned by plastic packaging company Plaxall, The Real Deal reported. The building is also home to the popular LIC Flea & Food.

Space in the 46,000-square-foot building costs about $35 per square foot.

Barneys’ move to LIC reflects the growing interest for office space in the neighborhood, which is mostly known for its massive residential boom.

Many older industrial buildings in LIC have been turned into office space recently, reflecting the interest in the area, which has cheaper rents than Brooklyn and Manhattan but offers transportation to those boroughs.

Today various recognizable office buildings exists throughout the neighborhood, including One Court Square, the Standard Motors Products Building, the Falchi building and The Factory.


Tallest building in Queens for sale

| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre

One Court Square, the tallest building in the city outside of Manhattan, has hit the market once again, and its sale price could break borough records, according to reports.

Real estate firm Savanna, which bought a controlling interest last year in the 51-story building also known as the Citi Tower, listed it with brokerage Cushman & Wakefield, which was first reported by the New York Daily News.

Representatives for Cushman & Wakefield didn’t comment on the listing, and an asking price was not disclosed.

The tower sold in 2011 for $500 million, but is expected to sell for much more this time around since values in Long Island City have increased over time.

One Court Square was designed by Skidmore, Owings & Merrill LLP, and built by Turner Construction in 1989 for Citigroup. The office tower has 1.5 million square feet of space and is 673 feet tall.

Citigroup, which sold the building in 2005, still has a lease through 2020 for the tower and the company has about 4,800 workers in it, according to reports.



Newest LIC rental building 26-14 Jackson Ave. is 50 percent leased

| lguerre@queenscourier.com

Photos courtesy of MNS Real Estate

In a sign that the heated Long Island City real estate market is still on fire, developers of the neighborhood’s newest rental building, 26-14 Jackson Ave., announced Monday the tower achieved 50 percent leasing after just one month.

The 14-story building by Ekstein Development and L+M Development Partners is located on the corner of Jackson Avenue and Purves Street near the Court Square Park and One Court Square, the tallest building in the borough.

The 98-unit rental building includes 20 affordable housing units. The building features views of the Manhattan skyline and studios, one- and two-bedroom apartments, ranging in sizes from 469 square feet to 1,115 square feet. Prices start from $1,984 per month for a studio to $4,846 for a two-bedroom apartment.

The building’s proximity to Manhattan via nearby subway lines and costs relative to rates in Brooklyn contributed to the quick leasing, said Andrew Barrocas, CEO of MNS Real Estate, which is marketing the building.

“As pricing for rentals along Brooklyn’s Williamsburg and Greenpoint waterfronts continue to rise, developments like 26-14 Jackson become intriguing options for renters looking towards Queens, specifically LIC, as an alternative,” he said. “Prospective renters are investing time to educate themselves on the area.”

The Building

THE COURIER/Photo by Liam La Guerre 




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.


What’s new in Long Island City

| smosco@queenscourier.com


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.

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