NEW YORK CITY—Savanna has hired Robert Knakal's team at Cushman & Wakefield to market One Court Square, an iconic 1.5 million square-foot Class A office and retail building in Long Island City, for sale. The 52-story property—and its attached five-story low-rise annex building—is also known as the Citicorp Building.
“We are excited to take on this assignment to market One Court Square,” says Robert Knakal, chair of NY investment sales. “New York City is the number one market for real estate investment worldwide, and Long Island City is among the fastest growing and most desirable markets for real estate investment in the City today. We are confident that potential buyers will recognize the in-place value and future upside of this iconic trophy property, which is the most prominent and visible building in the now well-developed Long Island City submarket.”
One Court Square was built in 1989 and has served as mission critical office space for Citibank since its completion. The tower, which is the tallest structure in New York State outside of Manhattan, features highly efficient, 32,000-square-foot floor plates with state of the art layouts and infrastructure, and unparalleled views of the Manhattan skyline, Queens and Brooklyn. The property also offers tremendous transportation options, with direct access to the Court Square MTA subway station via the property's lower level, providing direct access to Midtown Manhattan in less than five minutes.
Long Island City is among the fastest growing submarkets in New York City, having added 8,000 residential apartments over the past few years, and with 19,200 additional units currently in development and planning.
Long Island City is also a hub of cultural activity, home to several art galleries and museums including the PS 1 Contemporary Art Center and the Noguchi Museum.
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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.
