{"id":1004584325,"date":"2022-06-07T02:33:32","date_gmt":"2022-06-07T10:33:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584325"},"modified":"2022-12-08T15:21:33","modified_gmt":"2022-12-08T23:21:33","slug":"sl-green-pockets-101m-for-nyc-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-101m-for-nyc-asset\/","title":{"rendered":"SL Green Pockets $101M for NYC Asset"},"content":{"rendered":"
\"\"

609 Fifth Ave. Image courtesy of SL Green Corp.<\/p><\/div>\n

SL Green Realty Corp.<\/strong> has sold the vacant office condominium at 609 Fifth Ave. to a domestic investor for $100.5 million. The sale by Manhattan\u2019s largest office landlord is expected to close later this month. The deal follows SL Green\u2019s repositioning of the entire building, which included a new core and elevators, as well as relocating the office lobby from Fifth Avenue to 49th Street.<\/p>\n

SL Green had bought the Class B asset in June 2006 with the help of an $85 million loan from Citibank<\/strong>, according to CommercialEdge information. In May 2020, SL Green sold the retail portion of the building to an affiliate of the Reuben Brothers<\/strong> for $168 million.<\/p>\n

Situated in Manhattan\u2019s Plaza District submarket, the 13-story structure is on the corner of Fifth Avenue and 49th Street. Built in 1925, the property has 139,400 rentable square feet of office space that was fully occupied by WeWork<\/strong> until last year.<\/p>\n

An SL Green spokesperson was unable to provide additional requested information to Commercial Property Executive<\/em> as of press time. Harrison Sitomer, SL Green\u2019s chief investment officer, said, in a prepared statement, that the investment trust continues to work toward generating value for its shareholders through strategic dispositions that generate liquidity for reinvestment and debt repayment.<\/p>\n

Selling and buying<\/h2>\n

Last December, SL Green was busily divesting Manhattan assets. In deals totaling more than $400 million, the REIT sold interests in three Manhattan office properties<\/a>: a 25 percent interest in the signature One Madison Avenue project; its ownership stake in the office and garage condominiums at 110 E. 42nd St.; and its leasehold interest in the multifamily building at 1080 Amsterdam Ave.<\/p>\n

Just shortly later, SL Green sold<\/a> a 160,000-square-foot loft-style building at 707 11th Ave. for $95 million, having acquired the asset in January 2020 for $90 million. In April, however, the REIT turned around and\u2014in Manhattan\u2019s largest office deal to date\u2014agreed to acquire<\/a> Oxford Properties\u2019 450 Park Ave. for $445 million.<\/p>\n

The Plaza District led Manhattan\u2019s first-quarter office leasing, with more than 1.5 million square feet, according to a recent report from Colliers<\/strong>. This was driven in large part by Mutual of America\u2019s lease at 320 Park Ave. and Morgan Stanley\u2019s 182,000-square-foot expansion at 55 E. 52nd St.<\/p>\n

Consistent with those deals, the financial, insurance and real estate (FIRE) sector was responsible for about half of Midtown Manhattan\u2019s leasing volume in the first quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Manhattan\u2019s largest office landlord lands another major deal. <\/p>\n","protected":false},"author":882,"featured_media":1004584335,"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":[33457,32895,33678],"class_list":["post-1004584325","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-citibank","tag-sl-green-realty-corporation","tag-wework"],"acf":[],"yoast_head":"\nSL Green Pockets $101M for NYC Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"SL Green Realty Corp. has sold the vacant office condominium at 609 Fifth Ave. to a domestic investor for $100.5 million.\" \/>\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-pockets-101m-for-nyc-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Pockets $101M for NYC Asset\" \/>\n<meta property=\"og:description\" content=\"SL Green Realty Corp. has sold the vacant office condominium at 609 Fifth Ave. to a domestic investor for $100.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-101m-for-nyc-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=\"2022-06-07T10:33:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:21:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/609-Fifth-Ave.2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"582\" \/>\n\t<meta property=\"og:image:height\" content=\"438\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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-101m-for-nyc-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-pockets-101m-for-nyc-asset\/\",\"name\":\"SL Green Pockets $101M for NYC Asset - 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