Tag Archives: savanna

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.

 

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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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