SL Green Announces Sale of 400 East 58th Street for $62 Million
30 June 2020 - 9:30PM
Business Wire
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office
landlord, together with its joint venture partner, today announced
that it has entered into a contract to sell 400 East 58th Street, a
126-unit residential building in the Sutton Place neighborhood of
Manhattan, for a gross valuation of $62.0 million. The transaction
is expected to close during the third quarter of 2020, subject to
customary closing conditions, and generate net cash proceeds to SL
Green of approximately $20.0 million. SL Green owns a 90.0%
interest in the joint venture.
“The sale of 400 East 58th Street is a continuation of the
business plan we have successfully executed over the last several
years to dispose of non-core assets at attractive market values and
re-invest the proceeds into our development projects and our share
repurchase program. The transaction further serves to demonstrate
the continued demand for New York City real estate assets,” said
David Schonbraun, Chief Investment Officer of SL Green.
SL Green acquired the building in 2012 as part of an
eight-building portfolio of retail and multi-family properties. The
16-story property also includes approximately 3,800 square feet of
commercial space. The rental units are currently 97.0%
occupied.
Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group
represented SL Green in the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and Manhattan's
largest office landlord, is a fully integrated real estate
investment trust, or REIT, that is focused primarily on acquiring,
managing and maximizing value of Manhattan commercial properties.
As of March 31, 2020, SL Green held interests in 102 buildings
totaling 49.4 million square feet. This included ownership
interests in 28.8 million square feet of Manhattan buildings and
19.6 million square feet securing debt and preferred equity
investments.
Forward Looking Statement
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deemed to be “forward-looking statements”. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that we expect,
believe or anticipate will or may occur in the future, are
forward-looking statements. Forward-looking statements are not
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“project,” “continue,” or the negative of these words, or other
similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements are described in our filings with the
Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, potential risks and uncertainties
relating to the novel coronavirus (COVID-19).
SLG-A&D
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Matt DiLiberto Chief Financial Officer 212.594.2700
SL Green Realty (NYSE:SLG)
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