NEW YORK CITY—Citigroup has sold a big Long Island City development site just north of One Court Square to Jia Shu Xu of C&G Empire Realty. The buyer, a Flushing-based developer, picked up the property for $143 million, according to the Real Deal. A JLL team led by Jon Caplan and Richard Baxter closed the deal.
Located just north of Court Square along 23rd Street between 44th Drive and 44th Road, the site features approximately 780,000 buildable square feet. The property is comprised of nine parcels, each spanning 36,000 square feet. The majority of the parcels are vacant but some have industrial buildings. The zoning allows for residential, office, retail and hotel development.
Back in May of this year, Citi put its iconic headquarters building at One Court Square up for sale,GlobeSt.com reported. The 1.5 million square-foot Class A office and retail building—which stands 52-stories tall—and its attached five-story low-rise annex building also is known as the Citicorp Building. Building owner Savanna has hired Robert Knakal's team at Cushman & Wakefield to market the asset.
Four Queens projects are planned by Xu, the Deal notes. In December 2014, he filed for a 14-story, mixed-use building that will replace a warehouse at 134-03 35th Ave. in Flushing. In March of this year, Xu filed plans for a 197-unit mixed-use project at 88-08 Justice Ave. in Elmhurst. Meanwhile, he's planning projects at 136-21 Latimer Pl. in Flushing and 140-35 Queens Blvd. in Jamaica.
Discussing Long Island City's virtues earlier this year, David Dishy, president of development and acquisition, L+M Development Partners, "There's a special mix here of residential and office space, which distinguishes Long Island City from Williamsburg and Greenpoint, Brooklyn.”
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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.
