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Savanna Holding on to One Court Square

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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.