Citigroup Unveils Plans For LIC Development

In continuing with the citys planned economic revitalization and expansion, Mayor Michael Bloomberg joined Citigroup officials Tuesday to announce the companys plans to construct a brand new building in Long Island City.
The 14-story, 475,000-square-foot structure, which would accommodate approximately 1,500 employees, would accompany Court Square One at the intersection of 44th Drive at Hunters Street.
"The Queens Plaza area of Long Island City is quickly becoming a popular business district," said Bloomberg. "It is rapidly becoming the focal point for the financial industry."
In addition to the $200 million construction, which is to be completed without any discretionary tax rebates from the city, Citigroup, the largest private sector employer in Queens with 6,300 employees, also plans to improve the connection between the "G" and "7" subway lines by constructing an escalator that will allow passengers to walk between both lines underground.
"This expansion is good for the city of New York and Queens in particular," said Empire State Development Chairman Charles Gargano. "Court Square Two will launch an economic revitalization for businesses and people in the borough. We will watch as Citigroups future will underscore the economic landscape of New York City."
Citigroup President and Chief Operating Officer Robert Willumstad said the site was selected because of Queens proximity to Manhattan, for its ease of accessibility through public transportation and for its vast diversity.
"This was a logical extension of what weve been doing for nearly 15 years."
"From the start, our administration has followed an economic development strategy designed to create jobs through the five boroughs, and Citigroups latest expansion to Long Island City does just that," said Bloomberg. "If you keep crimes down, the streets clean and improve schools, you will see the businesses come."
Tishman Speyer Properties, the structures developer, plans for construction on Court Square Two, which in itself is expected to generate 1,500 jobs over two years, to begin early next year. Citigroup plans to have the building occupied by late 2006 or early 2007.
"This project represents a terrific opportunity to invest in the future of Long Island City and we are proud to play a role in that effort," said Jerry I. Speyer, President and CEO of Tishman Speyer Properties.