SL Green Acquires 20% Interest in Manhattan Luxury Residential Tower


SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial

property owner, today announced that it has closed on the purchase of a

20 percent interest in the newly completed “Sky” residential tower,

located at 605 West 42nd Street in Midtown, Manhattan.

SL Green was granted an option to purchase the interests at an agreed

upon valuation in July 2014 when it originated a $50 million mezzanine

loan on the property to The Moinian Group, the project’s developer. The

mezzanine loan was repaid prior to the closing of the transaction

announced today.

Sky is located close to the Hudson River, in Manhattan’s Midtown West.

The visually-striking, 71-story, 927,358-square-foot property, which

features 1,176 rental units, stands just a few blocks from New York’s

theater district, the High Line, Hudson River Park and Chelsea’s

concentration of art galleries. Included in its on-site amenities are

two skydeck pools, a full-service spa, a professional-size basketball

court, a private park, and a children’s playground, along with a full

array of tenant services.

SL Green Co-Chief Investment Officer David Schonbraun commented, “SL

Green has built a strong relationship with The Moinian Group and we have

collaborated on several investments with great success. We are delighted

to add Sky to our portfolio of residential investments in a deal that

demonstrates the multifaceted, upside potential of our debt and

preferred equity platform.”

About SL Green Realty Corp.

SL Green Realty Corp., an S&P 500 company and 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 March 31, 2016, the

Company held interests in 121 Manhattan buildings totaling 47.7 million

square feet. This included ownership interests in 29.9 million square

feet of commercial buildings and debt and preferred equity investments

secured by 17.8 million square feet of buildings. In addition, the

Company held ownership interests in 31 suburban buildings totaling 4.9

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

Connecticut and New Jersey.


Andrew Mathias
Matt DiLiberto

Financial Officer

Source: SL Green Realty Corp.

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