1-Court-Square-Queens-090813

Crain’s reports that the investment and development firm Savanna is looking to purchase 1 Court Square, Queens’ tallest tower arguably better known as the Citigroup Building. Current owners David Werner and Waterbridge Capital paid close to $500 million for the 52-story, 1.4 million-square-foot tower in 2011, just slightly more than the $470 million that real estate investment trust Reckson shelled out for it in 2005. The Crain’s article did not mention a price and and Savanna did not comment on the matter. Crain’s did support its thesis by noting that “Savanna has been active in the market in recent weeks as a seller, a sign that it could be raising fresh funds for acquisitions.”

Investor Eyes Purchase of Queens’ Tallest Spire [Crain’s]


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