View from last year of One Court Square; Map data © 2020 Google
One Court Square, the former Citigroup Building, was long the tallest tower in Queens until it was overtaken by the residential Skyline Tower. In addition to its prominence in the skyline, the building is also known for its failed deal with Amazon. The retailer had planned to lease one million square feet of space at the tower as part of its former HQ2 plan for Long Island City. But, as the Post first reported, One Court Square has inked a deal with another major retailer–Target. The store will take 31,000 square feet at the tower, with no exact opening date set.
image via Google Earth
Two months after mega-retailer Amazon announced it was walking away from a lease at One Court Square, a Long Island City library branch that occupies space on the ground floor of the 53-story Citigroup building is facing the possibility of eviction according to non-profit publication The City. The lease on the 3,200-square-foot One Court Square branch of the Queens Public Library expires on August 31. The library has paid an annual rent of $1 since the building opened in 1989 as part of a deal with Citigroup, whose lease on the space ends in May of 2020, but a spokesperson for the library has said that the building’s owner has “indicated it is seeking market rent for the library space.” Last year, building owner Savanna was reportedly seeking $55 to $65 per square foot for space in the building.
A valuable community service in jeopardy
Image via LICtalk.com
Long Island City‘s most recognizable tenant is about to sell a prime piece of property in the heart of the neighborhood. According to the New York Times, the financial giant is putting up a one-acre development site, bound by 44th Road, 23rd Street and 44th Drive in Court Square, and it could fetch up to $150 million. Court Square’s proximity to Manhattan and plentiful transit has made the enclave one of Queens’ most sought-after areas for residential development. Mayor de Blasio is all for the sale and has plans of his own to rezone LIC to spur even more construction.
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