Reckson buys Long Island City tower

Reckson Associates Realty Corp. is snapping up Citibank’s 50-story Long Island City tower for nearly $470 million and will lease the 1.4 million square-foot building back to Citibank for the next 15 years. Citibank, which does have options to cancel a portion of the leased space, recently announced it will construct a 475,000 square-foot office building adjacent to One Court Square for its own use. In another large Long Island City transaction, New York Blood Center signed a long-term lease for 76,000 square feet at 45-01 Vernon Boulevard. more [Post]
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