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Citibank building is on the market, Daily News reports

Citicorp_Building_by_David_ShankboneMay 5, 2015 Staff Report

The Citibank building is on the market and is expected to fetch a price in excess of $500 million, reported the Daily News.

The paper reports that Savanna, a private equity and real estate company that acquired a majority stake in the building last year, has reached out to the commercial brokerage firm Cushman & Wakefield to market the property.

This is “a rare opportunity to acquire one of the most distinctive and prominent trophy towers in the New York City skyline,” according to a memo from the listing agents obtained by the Daily News.

The building, also known as Citi Tower, stands 673 feet high and totals 1.5 million square feet. It is home to Citigroup.

The property is currently Queens’ tallest tower.

However, that may soon change if a 77-story building, which would be located next to the Clock Tower building, is constructed via a joint venture between Property Markets Group and Karman Hakim.

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