The Real Deal New York

1 Court Square could see resi conversion under new owners

Condo or rental conversion contingent on Citigroup leaving upon lease expiring

May 14, 2015 05:42PM

1 Court Square in Long Island City

1 Court Square in Long Island City

The Citigroup Building at 1 Court Square in Long Island City could be reinvented as a residential property under new ownership, with the upper levels of the building converted into condos or rentals.

Such a conversion would be contingent on Citigroup failing to renew its lease at the 673-foot-tall Queens tower, which is the tallest building in the outer boroughs. The financial services firm’s lease reportedly expires in 2020.

The 1.5 million-square-foot property hit the market earlier this month, less than a year after real estate private equity and asset management firm Savanna acquired a controlling interest for an undisclosed amount.

While no asking price has been specified, the building is expected to fetch much higher than the $500 million it traded for in 2011, according to the New York Daily News. [NYDN]Rey Mashayekhi