NEW YORK CITY—GlobeSt.com has confirmed that Citibank is selling off a development site adjacent to One Court Square—an asset formerly owned by Citi that is now leased by the firm—in the buzzy Long Island City section of Queens. The firm also is selling off the floors it owns at Two Court Square.
As part of the sale, GlobeSt.com has learned, Citibank plans to immediately lease back its Two Court Square office space for several years, leaving its headcount at the building unchanged. Industry sources say the development site likely will become a multifamily complex. Citi declined GlobeSt.com's request for comment.
First reported in the New York Times and the Real Deal, the site features a sizeable 780,000 square feet of space and the sale is expected to bring in offers for more than $140 million, or roughly $180 per square foot, based on area land prices.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
