$500M deal for Citi Tower slated to close today

July 18, 2012 11:00AM

The sale of Long Island City’s Citi Tower is expected to close today for a little over $500 million, the New York Post reported.

Sellers SL Green and JPMorgan squeezed more money out of the buyers, a group led by Brooklyn-based real estate investor David Werner, in order to extend the closing date on the tower, also known as One Court Square, which is the tallest building in Queens, the Post said.

The price for the building comes out to approximately $350 per square foot. The 50-story spire is net-leased back to Citibank until 2020, but will need to refinance in 2015, the Post said.

Douglas Harmon and Adam Spies of Eastdil Secured brokered the deal. [Post] — Guelda Voien