Queens’ Tallest Building Sold by NYC’s Largest Office Landlord

Earlier this week, SL Green,New York’s largest office landlord has announced it will sell the iconic One Court Square,Queens’ highest building fully occupied by Citibank.

The 1.4-million-square-foot office tower inLong IslandCityis selling for $340 per square foot to a group of Israeli investors that includes Joel Schreiber, the owner of Waterbridge Capital and David Werner, a private real estate investor from Brooklyn (who closed on1700 Market StreetinPhiladelphiafor $143 million just this September).

SL Green has owned the 50-storyt building since 2006. It is estimated that the company will net approximately $43 million. Not bad of a return in 5 years!

The company announced a few high-profile purchases so that’s where the proceeds from the Citibank building will be going.

As a publicly traded REIT (Real Estate Investment Trust), SL Green has access to financing like no other office landlord in NY. It’s too bad such a company is divesting itself of its flagship Queens property and putting more money in places like downtownManhattan. I wonder if they will continue to manage the building.

Give it a few weeks and check the metal plaques on the façade.

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