Construction Financing Arranged by SL Green for Midtown West Residential Project

Includes a $50 Million Mezzanine Loan with Option to Take Ownership



SL Green Realty Corp. (NYSE:SLG) today announced a $50 million mezzanine

loan to The Moinian Group for the construction of a major residential

rental project at 605 West 42nd Street in Manhattan.

In addition to the mezzanine loan, SL Green also facilitated the closing

of a $539 million loan with the New York State Housing Finance Agency by

arranging credit enhancements from Bank of China and Union Labor Life

Insurance Company (ULLICO). As part of its agreement with The Moinian

Group, SL Green has an option to acquire up to a 20 percent stake in the

property upon the completion of the project.

The project, one of several to be constructed in New York’s Midtown West

development area over the next decade, will consist of a 1.16

million-square-foot tower that will feature 1,174 rental apartment

units, of which 80 percent (939 units) will be market rate with the

remainder being affordable housing units to meet the developer’s

obligations under the New York State Housing Finance Agency’s 80/20

Housing Program.

“This transaction demonstrates the breadth, depth and importance of the

relationships SL Green has cultivated over the years through our

commercial, residential and lending platforms,” stated David Schonbraun,

SL Green’s Co-Chief Investment Officer. “It also brings to the forefront

our ability to creatively coordinate an investment vehicle designed to

meet the needs of all parties involved. We are extremely happy to once

again partner with The Moinian Group, Bank of China, and ULLICO and we

anticipate that our track record of successful ventures with these

partners will continue with this transaction.”

Robert Verrone of Ironhound Management Company acted as broker on the


Company Profile

SL Green Realty Corp., New York City’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 June 30, 2014, SL Green held interests in

94 Manhattan buildings totaling 44.9 million square feet. This included

ownership interests in 28.0 million square feet of commercial buildings

and debt and preferred equity investments secured by 16.9 million square

feet of buildings. In addition to its Manhattan investments, SL Green

held ownership interests in 35 suburban buildings totaling 5.9 million

square feet in Brooklyn, Long Island, Westchester County, Connecticut

and New Jersey.

Forward-looking Statement

This press release includes certain statements that may be deemed to

be “forward-looking statements” within the meaning of the Private

Securities Litigation Reform Act of 1995 and are intended to be covered

by the safe harbor provisions thereof. 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 guarantees of future

performance and we caution you not to place undue reliance on such

statements. Forward-looking statements are generally identifiable by the

use of the words “may,” “will,” “should,” “expect,” “anticipate,”

“estimate,” “believe,” “intend,” “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. We

undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of future events, new information or


For SL Green Realty Corp.
Andrew Mathias

Shlimak, 212-594-2700
Director, Investor Relations

Source: SL Green Realty Corp.

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