399 Park Avenue
Encyclopedia
399 Park Avenue is a 41-story office building that is the world headquarters of Citigroup
in New York City
, United States.
Citigroup's chairman and chief executive officer operate from the building's second floor. The company moved to the building from 55 Wall Street; a move which marked a migration of several large banks from downtown to midtown Manhattan
.
It occupies the entire block between Park Avenue
and Lexington Avenue and 53rd Street
and 54th Street
.
The building lot was assembled by Vincent Astor
who initially planned to build a 46-story Astor Plaza on the site. Astor had problems completing the assembly of the lots of mostly residential buildings as a pharmacy held out.
In 1974, the company opened the Citigroup Center
annex across Lexington to the east.
In 1987, Citigroup sold one third interest in the building along with two-thirds interest in Citigroup Center to Dai-Ichi Mutual Life Insurance Company for $670 million. At the time Citigroup said it was moving many of its offices to a new tower in Long Island City in Queens. Citigroup moved out of the top two thirds of the building but kept the lower floors.
Citigroup later bought back its interest in the building.
In 2002, Boston Properties bought the building for $1.06 billion or $630 square foot which was the highest price ever paid for an office building at the time. Boston also bought Citigroup Center. Citigroup now leases its headquarters from Boston Properties.
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, United States.
Citigroup's chairman and chief executive officer operate from the building's second floor. The company moved to the building from 55 Wall Street; a move which marked a migration of several large banks from downtown to midtown Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
.
It occupies the entire block between Park Avenue
Park Avenue (Manhattan)
Park Avenue is a wide boulevard that carries north and southbound traffic in New York City borough of Manhattan. Through most of its length, it runs parallel to Madison Avenue to the west and Lexington Avenue to the east....
and Lexington Avenue and 53rd Street
53rd Street (Manhattan)
53rd Street is a midtown cross street in the New York City borough of Manhattan, that contains buildings such as the Citicorp Building. It is 1.83 miles long. The street runs westbound from Sutton Place across most of the island's width, ending at DeWitt Clinton Park at Eleventh Avenue...
and 54th Street
54th Street (Manhattan)
54th Street is a two-mile-long, one-way street traveling west to east across Midtown Manhattan.-West Side Highway:*The route begins at the West Side Highway . Opposite the intersection is the New York Passenger Ship Terminal and the Hudson River...
.
The building lot was assembled by Vincent Astor
Vincent Astor
William Vincent Astor was a businessman and philanthropist and a member of the prominent Astor family.-Early life:...
who initially planned to build a 46-story Astor Plaza on the site. Astor had problems completing the assembly of the lots of mostly residential buildings as a pharmacy held out.
In 1974, the company opened the Citigroup Center
Citigroup Center
The Citigroup Center is one of the ten tallest skyscrapers in New York City, United States, located at 53rd Street between Lexington Avenue and Third Avenue in midtown Manhattan...
annex across Lexington to the east.
In 1987, Citigroup sold one third interest in the building along with two-thirds interest in Citigroup Center to Dai-Ichi Mutual Life Insurance Company for $670 million. At the time Citigroup said it was moving many of its offices to a new tower in Long Island City in Queens. Citigroup moved out of the top two thirds of the building but kept the lower floors.
Citigroup later bought back its interest in the building.
In 2002, Boston Properties bought the building for $1.06 billion or $630 square foot which was the highest price ever paid for an office building at the time. Boston also bought Citigroup Center. Citigroup now leases its headquarters from Boston Properties.