{"id":1004101124,"date":"2014-07-25T06:02:34","date_gmt":"2014-07-25T14:02:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004101124"},"modified":"2022-12-07T15:33:50","modified_gmt":"2022-12-07T23:33:50","slug":"sl-green-trades-3-manhattan-assets-for-240m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-trades-3-manhattan-assets-for-240m\/","title":{"rendered":"SL Green Trades 3 Manhattan Assets for $656M"},"content":{"rendered":"

\u00a0<\/i>By Gail Kalinoski, Contributing Editor<\/i><\/p>\n

\"Photo<\/a>

Photo courtesy: Honest Buildings<\/p><\/div>\n

SL Green Realty Corp. is disposing of three Manhattan assets in separate deals totaling $656.2 million that will generate $240 million in cash proceeds for New York City\u2019s largest landlord.<\/p>\n

The REIT did not identify the buyers.<\/p>\n

\u201cWhile the strategic approach for each of these investments varied, we had one goal in mind: creating shareholder value,\u201d SL Green President Andrew Mathias said in a news release. \u201cI am very pleased to say that with each of these transactions, we\u2019ve successfully demonstrated our ability to identify, create, and harvest significant value. Our combined IRR across these three deals is in excess of 21 percent.\u201d<\/p>\n

In the largest of the three transactions, SL Green said it will sell the leased fee interest in 2 Herald Square, a mixed-use asset also known as the Marbridge Building, for $365 million. The sale of the leased fee interest, which is improved with an existing 11-story, 365,000-square-foot commercial office building, is expected to close in the fourth quarter. Steven Kohn of Cushman & Wakefield represented SL Green in the deal.<\/p>\n

Located across from Macy\u2019s, the building also houses a large H&M store and the New York City flagship for Victoria\u2019s Secret on the ground level. SL Green acquired the lease fee interest at 2 Herald Square in a joint venture in 2007 with Gramercy Capital Corp. for $225 million. In December, 2010, SL Green bought out Gramercy\u2019s 45 percent interest for $25.6 million in cash and assumption of $86.2 million in mortgage debt.<\/a><\/p>\n

In Lower Manhattan, the REIT and partner Jeff Sutton reached an agreement to sell all their interests, including their fee position and retail condominium unit, at 180 Broadway for $222.5 million. Adam Spies of Eastdil Secured represented SL Green in the transaction.<\/p>\n

The 24-story building adjacent to the Fulton Street transit hub houses about 600 Pace University students in a dormitory above three floors of retail leased to Urban Outfitters and TD Bank. SL Green and Sutton developed the property, which includes a fitness center, for Pace. It opened to students last fall.<\/p>\n

In the third deal announced this week, SL Green sold its development properties at 985-987 Third Ave., located between 58th<\/sup> and 59th<\/sup> streets on the Upper East Side, for $68.7 million. The disposition was made with the sale of an adjacent parcel that SL Green didn\u2019t own. The total development site sold for $100 million.<\/p>\n

The REIT acquired the properties in December 2012 and purchased development rights to additional neighboring sites between 2013 and this year. SL Green joined with the other owner to create \u201ca compelling retail\/residential opportunity\u201d on Third Avenue, according to the news release. Robert Knakal of Massey Knakal represented both sellers.<\/p>\n

The dispositions come about two months after SL Green paid Ivanhoe Cambridge $1.59 billion for its 49 percent stake in 388-390 Greenwich St. The REIT then used the sale proceeds to refinance the two-building property in TriBeCa for $1.4 billion<\/a>. The 2.6 million-square-foot asset is fully occupied by an affiliate of Citigroup Inc.<\/p>\n

As of June 30, the company held interests in 94 Manhattan buildings totaling 44.9 million square feet. This included ownership interests in 28 million square feet of commercial buildings and debt and preferred equity investments secured by 16.9 million square feet of buildings. The REIT also held ownership interest in 35 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, all in New York, and in Connecticut and New Jersey.<\/p>\n","protected":false},"excerpt":{"rendered":"

SL Green Realty Corp. is disposing of three Manhattan assets in separate deals totaling $656 million that will generate $240 million in cash proceeds for New York City\u2019s largest landlord.<\/p>\n","protected":false},"author":1068,"featured_media":1004101128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21752,21742,10,21749],"tags":[],"class_list":["post-1004101124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-mixed-use","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"\nSL Green Trades 3 Manhattan Assets for $656M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-trades-3-manhattan-assets-for-240m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Trades 3 Manhattan Assets for $656M\" \/>\n<meta property=\"og:description\" content=\"SL Green Realty Corp. is disposing of three Manhattan assets in separate deals totaling $656 million that will generate $240 million in cash proceeds for New York City\u2019s largest landlord.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-trades-3-manhattan-assets-for-240m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-25T14:02:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T23:33:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/2-herald.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"366\" \/>\n\t<meta property=\"og:image:height\" content=\"369\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-trades-3-manhattan-assets-for-240m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-trades-3-manhattan-assets-for-240m\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"SL Green Trades 3 Manhattan Assets for $656M\",\"datePublished\":\"2014-07-25T14:02:34+00:00\",\"dateModified\":\"2022-12-07T23:33:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-trades-3-manhattan-assets-for-240m\\\/\"},\"wordCount\":574,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-trades-3-manhattan-assets-for-240m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/07\\\/2-herald.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"Mid-Atlantic\",\"Mixed Use\",\"News\",\"Northeast\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-trades-3-manhattan-assets-for-240m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-trades-3-manhattan-assets-for-240m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-trades-3-manhattan-assets-for-240m\\\/\",\"name\":\"SL Green Trades 3 Manhattan Assets for $656M - 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