SL Green Announces Major Milestones to Develop 31-Story Mixed-Use Affordable New York Building in Lower Manhattan

Completion of demolition, acquisition of additional development
rights and closing of construction financing paves way for vertical
construction in Q1 2019.

SL Green Realty Corp. (NYSE:SLG), New York City’s largest office
landlord, today announced the completion of two major milestones to
commence the vertical construction of 185 Broadway, a ground-up,
31-story, 260,000 gross square foot mixed-use building in the heart of
Lower Manhattan:

1.) The acquisition of 66,186 zoning square feet of development rights
from the owner of the adjacent corner lot located at 189 Broadway.
Through this transaction, SL Green also obtained a light and air
easement and cantilever right over 189 Broadway for the purpose of
permitting lot line windows and maximizing efficient residential floor

2.) SL Green recently closed on $225.0 million of construction financing
for 185 Broadway with United Overseas Bank Limited and Helaba. The
floating rate facility has a term of three years, with two one-year
extension options.

Upon completion, the building will include approximately 209 rental
units, of which thirty percent of the units will be affordable (63
units), with a mixture of studio, one-bedroom, two-bedroom and
three-bedroom units. The project will enroll in the Affordable New York
Housing Program, and, as a result, will receive a 35-Year property tax

Demolition of three parcels – 183 Broadway, 187 Broadway and 5-7 Dey
Street – has been completed. SL Green plans to complete foundations in
December 2019, and receive a Temporary Certificate of Occupancy for the
building in March 2021. Architecture firm, FX Collaborative,
will design 185 Broadway, which will wrap around the corner of Broadway
and Dey Street across from the Fulton Transit Center. Two floors of
flagship retail and three floors of commercial space will be created,
each with dedicated entrances on Broadway and Dey Street, respectively.

Brett Herschenfeld, Managing Director of SL Green, commented, “We
are proud to have our vision for the 185 Broadway assemblage realized on
two fronts: 1) we will be the first building to be constructed in Lower
Manhattan under the City’s new Affordable New York Housing program, and
2) we will deliver an iconic flagship retail store at the building’s
base, directly in between the Fulton Transit Center and the World Trade
Center, an opportunity which will certainly attract the very best global

An Ackman-Ziff team led by Marc Sznajderman, Romano Tio and Simon Ziff
acted as capital advisor on behalf of SL Green for the financing.

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 September 30, 2018, SL
Green held interests in 106 Manhattan buildings totaling 46.4 million
square feet. This included ownership interests in 28.2 million square
feet of Manhattan buildings and 18.2 million square feet of buildings
securing debt and preferred equity investments. In addition, SL Green
held ownership interests in 15 suburban buildings totaling 2.3 million
square feet in Brooklyn, Westchester County, and Connecticut.

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


Source: SL Green Realty Corp.

Matt DiLiberto
Chief Financial Officer
Green Realty Corp.
(212) 594-2700