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Savanna: Call off the LIC Dogs

NEW YORK CITY—The private equity firm has pulled One Court Square off the market.

By Rayna Katz | Updated on September 21, 2015

NEW YORK CITY—After putting the property up for sale earlier this year, the owners of Long Island City’s One Court Square—also known as the Citibank Building as the financial firm leases the entire property— have decided against selling the 1.5 million-square-foot office tower, according to the Real Deal.

Affiliates of Savanna, which in 2014 bought a controlling interest in the towerat 25-01 Jackson Ave.—along with an unknown joint venture partner—put the property on the market earlier this year as a possible residential conversion. It reportedly could have sold for over $500 million. However, Savanna has refinanced the building’s $315 million mortgage and elected to keep the 26-year old property. A spokeswoman for the firm declined to comment on the reasons behind these measures to GlobeSt.com.

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