2015-07-15 / Front Page

Citigroup Nets $143M For Long Island City Parcel

By Liz Goff
Financial services giant, Citigroup last week announced the sale of a site adjacent to the 50-story Citicorp Tower and Tower Two in Long Island City to Flushing-based developer CNG Realty – a move that will likely lead to development of the site as a massive mixed-use apartment complex, real estate sources said.

Citigroup received  $143 million from CNG Realty for nine parcels featuring 36,000 square-feet of space at the site located just west of the two towers at 23rd Street, between 44th Road and 44th Drive in Long Island City. The property features 780,000 square-feet of development space, real estate sources said.

Under current zoning, a developer could build a 40-story tower with hotel, retail, apartment or office space at the site, real estate sources said.

Citigroup originally planned to build another tower at the site, but decided to sell the property after taking a beating during the recent recession, the sources said.

Citiorp built its Cito Tower One in 1988, despite criticism from the owners of nearby, decades-old town houses who voiced concerns that the building would create traffic, environmental and other municipal problems in the close-knit neighborhood.

The site, located near public transportation and within walking distance of the Queens Plaza transportation hub, has become a haven for people seeking a Manhattan-like atmosphere outside the big city, experts said.

CNG lists, among its recent projects, a 14-story residential complex on Latimer Place in Flushing, a 197-unit residential building on Justice Avenue in Elmhurst and another massive residential complex at 140-35 Queens Boulevard, real estate sources said.

As of this week, no plans have been filed with the city Department of Buildings for development of the former Citigroup site.

CNG owner, developer Jia Shu  Xu did not immediately return calls for comment.

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