Queens’ tallest office tower has hit the market

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

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.

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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