Skyline Tower (Queens)

Skyline Tower, previously known as Court Square City View Tower, is a residential skyscraper under construction in the Long Island City neighborhood of Queens, New York City.[1][2] The building topped out in October 2019, surpassing One Court Square to become the tallest building in Queens, at 778 feet (237 m).[3]

Skyline Tower
Former namesCourt Square City View Tower
General information
StatusTopped-out
TypeResidential
Location23-15 44th Drive
Long Island City, NY 11101
Coordinates40.747987°N 73.944473°W / 40.747987; -73.944473
Construction started2017
Estimated completion2021
Cost$700 million
Height
Roof778 ft (237 m)
Technical details
Floor count68
Floor area781,000 square feet (72,600 m2)
Design and construction
ArchitectHill West Architects
DeveloperChris Xu and United Construction & Development Group

History

Citigroup previously controlled the site dating back to the 1980s, having taken ownership of it during the development of One Court Square and the smaller Two Court Square. While planned as the future site of another office tower for Citi, by 2015 the company decided it didn't need the potential space and that the value of the land was higher as a development site.[4] As a result, Citi hired JLL to market the site and several months later sold the parcel to Flushing, Queens-based developer Chris Xu for $143 million.[5]

In February 2016, permits were initially filed for a 79-story tower that would reach a height of 963 feet (294 m).[6] However, due to Long Island City's proximity to LaGuardia Airport, the Federal Aviation Administration ruled that the building could rise no higher than 752 feet (229 m) without posing a threat to landing airplanes.[7] As a result, the development was downsized to its current height of 778 feet (237 m).[3] In September 2016, Bank of China provided a $100 million loan to refinance the development site.[8]

Foundation work at the site began in late 2017. In July 2018, the developers secured $502 million in financing from a consortium of banks led by JPMorgan Chase, the largest-ever financing for a private real estate development in Queens.[9][10] By the end of 2018, foundation work was complete and the building had risen to the sixth floor.[11] The project launched sales in May 2019, targeting a sellout of over $1 billion, a record for Queens.[12] The building topped-out in October 2019.[3]

Architecture and design

Upon completion, the tower will contain 802 condos spread across the building's 68 floors. Rather than target traditional buyers of luxury Manhattan condominiums, the development hopes to attract buyers looking for more space at a lower price point and willing to accept an outer borough location. As such, the units range in price from $500,000 to $4 million, significantly lower than comparable units in Manhattan.[9] Amenities include a fitness center with a swimming pool, a sauna and spa, a yoga room, laundry room, a children’s playroom, and multiple lounges for residents.[11] The developers have also committed $16 million to constructing a new entrance to the New York City Subway's neighboring Court Square–23rd Street station in the base of the building.[13]

See also

References
  1. "79-Story Tower Planned at 23-15 44th Drive in Long Island City". New York YIMBY. Archived from the original on March 30, 2017. Retrieved February 8, 2016.
  2. "Skyline Tower". The Skyscraper Center. Council on Tall Buildings and Urban Habitat. Archived from the original on February 2, 2019. Retrieved February 2, 2019.
  3. Ricciulli, Valeria (October 11, 2019). "Tallest skyscraper in Queens tops out at 778 feet". Curbed NY. Retrieved January 27, 2020.
  4. Maurer, Mike (February 23, 2015). "Citigroup looks to sell massive LIC development site". The Real Deal. Retrieved June 24, 2019.
  5. Moses, Claire (July 8, 2015). "Citigroup sells LIC site to Queens developer for $143M". The Real Deal. Retrieved June 24, 2019.
  6. Baird-Remba, Rebecca (February 8, 2016). "79-Story Tower Planned At 23-15 44th Drive In Long Island City". New York Yimby. Retrieved June 24, 2019.
  7. Wilson, Reid (January 9, 2017). "Revealed: 66-Story, 802-Unit Mixed-Use Tower Planned At 23-15 44th Drive, Long Island City". New York Yimby. Retrieved June 24, 2019.
  8. Putzier, Konrad (September 1, 2016). "Flushing developer refis LIC skyscraper project with $100M from Bank of China". Retrieved June 24, 2019.
  9. Morris, Keiko (July 8, 2018). "Soaring Condo Project Coming to Long Island City". Retrieved June 24, 2019.
  10. Slowey, Kim (July 10, 2018). "$500M loan granted for tallest tower in Queens, New York". Construction Dive. Retrieved May 1, 2019.
  11. Young, Michael (December 9, 2018). "Long Island City's Future Tallest Skyscraper, Skyline Tower, Now Rising Above Street Level". New York Yimby. Retrieved June 24, 2019.
  12. Ricciulli, Valeria (May 2, 2019). "Queens's tallest residential tower launches sales". Curbed New York. Retrieved June 24, 2019.
  13. Margolies, Jane (December 27, 2018). "Interest in Court Square Condo Spikes Thanks to Amazon". The New York Times. Retrieved June 24, 2019.
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