Tallest Tower in Queens Expected to Fetch Record Pricing
The 1.5M SF Citicorp Building in LIC is on the market. And while there's no asking price yet, chances are good it'll fetch the highest price of any office building sold in Queens, the NY Daily News reports.
The 50-story tower last traded for $500M in 2011. Regardless of the eventual price, the building’s likely to have its tallest-in-borough title yanked when Property Markets Group and Karman Hakim’s Queens Plaza Park (a residential tower that's yet to break ground a few blocks away) tops out. Cushman & Wakefield’s Bob Knakal is handling the sale of Citicorp Building. Savanna, a real estate private equity firm, bought the controlling stake last year. [NYDN]