Yet another tower could rise in Long Island City, Queens. Citigroup is expected to sell a prime development site next to its SOM-designed, 51-story turquoise office tower that dominates the neighborhood’s skyline.
The New York Times reported that when Citi built the structure in 1989, the city expected Long Island City to blossom into a major commercial hub. That hope did not pan out. But the neighborhood has seen a boom in residential development in recent years and now Citi wants to take advantage of it. The bank will reportedly sell the development site for $150 million, likely giving way to an apartment or hotel high-rise.