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SL Green Realty Corp Announces Sale of Retail Condo Units

Written by Muriel J. Gibson    Tuesday, 20 December 2011

SL Green Realty Corp. (NYSE: SLG) and its joint venture partner Jeff Sutton today announced an agreement to sell two retail condominium units at 141 Fifth Avenue for $46 million. The two retail condominium units being sold represent all of the interests owned by the joint venture including the entire grade and a portion of lower level space, encompassing approximately 9,860 square feet in a luxury Flatiron residential property situated two blocks south of Madison Square Park. SL Green’s purchase of 141 Fifth Avenue in September, 2005 was one of its first retail acquisitions with joint venture partner Jeff Sutton. The transaction is expected to generate approximately $17.5 million in net proceeds to SL Green. SL Green President Andrew Mathias commented, “SL Green continuously looks to take advantage of evolving market conditions to enhance both its office and retail portfolios with selective dispositions and acquisitions. We are very pleased with the growth and success of our retail platform and anticipate making more strategic investments in the near-term.” The transaction is subject to certain closing conditions, including the lender's approval of the transfer of ownership. There can be no assurance as to when the conditions precedent contemplated in the sale agreement will be fulfilled, or that the transaction will be consummated. Eastdil Secured represented the seller and Eastern Consolidated represented the purchaser in the pending transaction. Company Profile SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2011, SL Green owned interests in 58 Manhattan properties totaling more than 35.3 million square feet. This included ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 9.5 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 465,000 square feet.

Last Updated ( Tuesday, 20 December 2011 )