The Real Deal New York

Queens’ tallest office tower has hit the market

One Court Square could fetch a record-breaking amount for the borough

May 05, 2015 08:00AM

One Court Square in Long Island City and Bob Knakal (inset)

One Court Square in Long Island City and Bob Knakal (inset)

Citigroup’s Citicorp building in Long Island City — the tallest building in the borough — has hit the market and could fetch a record price.

While the asking price for the office tower isn’t yet clear, it stands to be more than the $500 million for which it changed hands in 2011, according to the New York Daily News. The 1.5 million-square-foot, 673-foot-tall Class A office tower could be the most expensive commercial building ever sold in Queens, the newspaper reported.

Real estate private equity and asset management firm Savanna acquired a controlling interest, for an undisclosed amount, in One Court Square last year. Cushman & Wakefield will market the property, the newspaper reported.

According to a memo by the listing agents — which include Cushman & Wakefield’s Bob Knakal — cited by the newspaper, this provides “a rare opportunity to acquire one of the most distinctive and prominent trophy towers in the New York City skyline.” [NYDN] — Claire Moses