A group of Israeli investors is set to purchase the 1.5 million-square-foot Long Island City Office Tower One Court Square from SL Green Realty, sources told Real Estate Weekly. Among the investors is Joel Schreiber, owner of real estate investment firm Waterbridge Capital, and David Werner, a private real estate investor from Brooklyn.
SL Green took control of the property when it acquired the real estate investment trust Reckson in 2006, REW said. Citibank leases the entire 50-story building.
The value of the transaction was not immediately clear, though the New York Post, which previously reported that the building was in contract, estimated it would close for slightly less than $500 million.
Brokers Adam Spies and Doug Harmon of Eastdil Secured represented SL Green in the sale. It was not immediately clear who represented the buyer. [REW]