Citibank has put its shining Queens tower, Court Square One, on the market. According to the Post, the company still plans to occupy the building, but would rather rent than own. Reports Lois Weiss, "If Citi agrees to pay $20 a foot, it would value the building at $560 million or $400 a foot, but that's still nearly twice what some feel the building is worth in an otherwise tenantless Long Island City market." (Apparently, those appraisers didn't get the memo: "This area has more potential than probably anywhere else in the world.") In the meantime, Citi is moving ahead with plans to build a second tower in Hunters Point.
· Citi To Sell, Lease Back L.I.C. Tower [NY Post]