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NYTimes: Citigroup looks to sell Court Square development site, high-rise residential building likely

Citicorp_Building_by_David_ShankboneFeb. 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.

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LIChomeowner

People aren’t against ALL rebuilding. However, all residential buildings don’t just bring in working class families. They’re trying to build luxury and you know what happens to luxury? People buy and don’t live in them. The retail spaces on the ground floors sit empty because no regular business can afford the rent. Is walking by an empty storefront better?
Turning some warehouses into office space would be a great idea for the area. Highrises steal my sun.

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LIC_Fan

I don’t understand those against the rebuilding of the area, how could anyone possibly prefer the feel of walking past industrial warehouses which seem barren of life to new modern buildings filled with working class families.

We do need more commercial property in the area, but that is right behind the increased foot traffic the residential growth is creating.

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LIC3rdYear

The influx of money and people into a well-located area is inevitable. The smartest move is to either come to terms with it, or find a more suitable neighborhood. Fighting it, in my humble opinion, seems one hell of an uphill battle, for which there is little precedent for victory.

Reply
10219

Mel,

The address below. It starts at 7:00PM. In order to speak, you have to get there a bit early and sign up at the security desk.

SUNNYSIDE COMMUNITY SERVICES
43-31 39th Street – Ground Floor

Reply
10219

I agree with the first garbage comment. They haven’t been picking up around Court Square lately. I bet they blame the weather for that.
And people, PLEASE, if you really care, go to the community board meeting! The next one is March 5th in Sunnyside. Everyone there fights for Sunnyside but people rarely fight for LIC. There needs to be more representation.

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FedUp

High rises and housing that is “affordable” to no one. Long Island City is fast becoming a homogenized mix of steel and glass boxes with apartment dwellers rather than community citizens. No place to park, no place to shop and, thanks to the MTA, no way to travel on weekends or weeknights. What ever happened to city planners?

Reply
Mel

Nooooooooooo! As mentioned above by 10219 yes they do take care of their property and the area is secure! I feel safe!
Crap another residential FXXXN TOWER! Please Enough is enough!

Reply
10219

There needs to be more commercial development in LIC. No more residential or hotels. Citigroup takes care of their property well and the area feels secure with them there. It won’t be the same if it turns residential or hotel with people in and out of the neighborhood and/or all of the AirBnB.

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