real estate 33-FLOOR BUILDING TO RISE IN LIC BY LIAM LA GUERRE Another towering residential structure is planned for Long Island City. Plans for a 33-story residential and commercial building have been filed with the Department of Buildings on a vacant lot blocks away from Court Square Park and the subway station on Jackson Avenue. The building, which is planned for 44-26 Purves St., will comprise 270 units in 206,546 square feet of residential space, according to Department of Buildings records. FXFOWLE Architects is designing the residential tower, which will also include 517 square feet of commercial space. The 33-floor building will join not only the 50-story One Court Square building in the LIC skyline, but also another mammoth mixed-use residential building that is planned for the burgeoning neighborhood. Rockrose Development Corporation is working on a 50-story building at 43-25 Hunter St. with 767,305 square feet of residential space and 18,800 square feet of retail space. There will be 974 units and 67 enclosed parking spots. Excavation work recently began on this development, according to The Court Square Blog. NEW OWNER BUYS QUEENS’ TALLEST BUILDING BY LIAM LA GUERRE The tallest building in Queens— and New York State outside of Manhattan— has a new owner. Savanna, a real estate investment firm, announced on Aug. 25 that together with a partnering company it acquired a controlling interest in One Court Square, the 51-story building in Long Island City occupied by Citibank. “We are thrilled to announce the acquisition of this terrific asset in Long Island City,” said Nicholas Bienstock, managing partner of Savanna. “One Court Square not only features attractive building amenities and convenient transportation access, but is also located in the heart of Long Island City, which has transformed over the past 10 years into one of the most attractive up-and-coming residential and office markets in the city.” The group of investors led by David Werner, who previously owned the 1.5 million-square-foot building, will remain a smaller partner of the building. Savanna did not release the price it paid for the tower, but Crain’s reported that the purchase would have been a much greater value than the nearly $500 million that Werner paid for it in 2011. One Court Square was designed by Skidmore, Owings & Merrill LLP, and built by Turner Construction in 1989. Photos by Liam La Guerre
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