Savanna Holding on to One Court Square
Owners of the One Court Square in Long Island City have decided to change course, and has detracted from its initial plan to sell the 1.5 million-square-foot office tower. The Savanna, which has bought a controlling interest in the said property located at 25-01 Jackwon Avenue (also known as the Citibank Building), had shopped the property for any possible sale just early this year.
A potential residential conversion, this building could have been sold at a price over $500 million. Savanna though decided not to sell it, and has instead opted to refinance the property’s $315 million mortgage, a Commercial Real Estate News report said.
Managing partners Christopher Schlank and Nicholas Bienstock, through the managing firm they lead, bought a controlling interest in the building last year from David Werner and Joel Schreiber’s Waterbridge Capital, who earlier bought the property from SL Green in 2011 for $500 million.
At the moment, Citibank occupies the entirety of the 26-year-old building on a lease that runs through 2020.