{"id":1004560787,"date":"2021-12-15T03:12:40","date_gmt":"2021-12-15T11:12:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004560787"},"modified":"2022-12-07T03:25:43","modified_gmt":"2022-12-07T11:25:43","slug":"sl-green-pockets-95m-for-manhattan-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-95m-for-manhattan-asset\/","title":{"rendered":"SL Green Pockets $95M for Manhattan Asset"},"content":{"rendered":"
\"707<\/a>

707 Eleventh Ave. Image courtesy of SL Green<\/p><\/div>\n

Following its dispositions of Manhattan office properties earlier this year, SL Green continues its selling streak. The REIT has sold its ownership interest of 707 Eleventh Ave. for $95 million to an undisclosed domestic buyer.<\/p>\n

The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, and the proceeds from the sale will be used to repay corporate debt, according to SL Green. JLL\u2019s Andrew Scandalios represented the company in the transaction.<\/p>\n

SL Green acquired the six-story loft-style building in January 2020 for $90 million with the help of a $53.5 million acquisition loan provided by Wells Fargo, according to CommercialEdge data. The 160,000-square-foot office building previously served as Kenneth Cole\u2019s headquarters but is currently 23 percent leased to KCP Holdco Inc, according to JLL.<\/p>\n

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READ ALSO<\/strong>: What\u2019s Ahead for Office in 2022<\/a><\/p>\n

\n

Following its acquisition of 707 Eleventh Ave. in 2020, SL Green had plans for a comprehensive renovation that would include updating the infrastructure while preserving the industrial elements of the property. The renovation plans also called for a new private lobby, new elevator cabs, new bathrooms and 22,000 square feet of outdoor space, but the REIT had only undertaken a few minor renovations.<\/p>\n

SL Green\u2019s selling spree<\/h2>\n

Harrison Sitomer, senior vice president at SL Green, said in prepared remarks that the sale of 707 Eleventh Ave. demonstrates the investor demand for quality, value-add investment opportunities in New York City.<\/p>\n

SL Green capitalized on this investor interest, selling off two Manhattan office properties earlier this year. In October, the company divested 590 Fifth Ave.<\/a>, a 19-story office building with ground-floor retail, for $103 million. Earlier in the year, SL Green also agreed to sell a pair of adjoining office towers<\/a> in Midtown Manhattan for $325 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT acquired the office property in January 2020.<\/p>\n","protected":false},"author":883,"featured_media":1004560792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[32796,32895,33277],"class_list":["post-1004560787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-jll","tag-sl-green-realty-corporation","tag-wells-fargo"],"acf":[],"yoast_head":"\nSL Green Pockets $95M for Manhattan Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The REIT acquired the office property in January 2020. 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SL Green has sold its ownership interest of 707 Eleventh Ave. in Manhattan for $95 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-95m-for-manhattan-asset\/\" \/>\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=\"2021-12-15T11:12:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T11:25:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/707-Eleventh-Ave..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"803\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-95m-for-manhattan-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-95m-for-manhattan-asset\/\",\"name\":\"SL Green Pockets $95M for Manhattan Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-95m-for-manhattan-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-95m-for-manhattan-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/707-Eleventh-Ave..jpg\",\"datePublished\":\"2021-12-15T11:12:40+00:00\",\"dateModified\":\"2022-12-07T11:25:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"description\":\"The REIT acquired the office property in January 2020. 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