Feb. 24, 2015 By Michael Florio
Citigroup is selling a site north of One Court Square that is most likely to become a luxury apartment complex, according to The Real Deal.
The site is nearly once acre and is bound by 44th Road, 23rd Street and 44th Drive in Court Square, the New York Times reports. The bank may get up to $150 million for the development site.
The zoning allows for residential, office, retail and hotel use—and a 40 story building could be built there.
The city aims to spur housing in the neighborhood and is likely to rezone Long Island City to promote affordable housing.
A Citigroup spokesman told the Times: “Given the direction of our real estate footprint and the city’s need for housing, we believe that this site has great potential that can be unlocked.”
The sale marks a shift in the neighborhood from commercial to residential development.
Citigroup had originally planned to build an office building on the property..
Citigroup also plans to sell its remaining stake in Two Court Square, according to the Times. As for the iconic 50-story tower, Citigroup told its employees on Monday that its lease at One Court Square comes to an end in 2020, and that it will continue to operate to occupy the building at least until then.
