Posted Feb 24, 2015, 1:55 AM
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Join Date: Sep 2013
Posts: 765
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Another potential development site
Citigroup looks to sell massive LIC development site
Parcel offers nearly 800K buildable sf and could sell for $140M-plus
February 23, 2015
Mark Maurer
Quote:
Citigroup is offering the fee simple interest for a Long Island City Island development site just north of One Court Square that offers nearly 780,000 buildable square feet, The Real Deal has learned. The site could fetch north of $140 million, or roughly $180 per square foot, based on area land prices, according to sources familiar with the listing.
The 36,000-square-foot site spans half a city block, directly to the west of the CUNY School of Law at 2 Court Square, where Citigroup owns and occupies office space. The territory is bound by 44th Road, 44th Drive and 23rd Street, according to documents obtained by TRD. Several small unoccupied buildings currently occupy the site.
The C5-3 zoning is flexible and allows for residential, office, retail and hotel use
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