SL Green Announces Sale of 609 Fifth Avenue

NEW YORK, June 06, 2022 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced the sale of the vacant office condominium at 609 Fifth Avenue to a domestic investor for a gross sale price of $100.5 million. The transaction is expected to close in June of 2022, subject to customary closing conditions.

“SL Green continues to work aggressively to drive value for our shareholders through strategic dispositions that generate incremental liquidity for reinvestment and debt repayment,” said Harrison Sitomer, Chief Investment Officer of SL Green. “The sale of 609 Fifth Avenue is evidence of the continued demand and premium valuation for well-located assets in Midtown East.”

609 Fifth Avenue is located in the heart of Manhattan’s retail district on the corner of Fifth Avenue and 49th Street. The office condominium benefits from work performed as part of SL Green’s repositioning of the entire building, which included a new core and elevators in addition to relocating the office lobby from Fifth Avenue to 49th Street. In May 2020, SL Green sold the retail condominium to an affiliate of the Reuben Brothers for $168.0 million.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’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, 2022, SL Green held interests in 72 buildings totaling 34.7 million square feet. This included ownership interests in 26.7 million square feet of Manhattan buildings and 7.2 million square feet securing debt and preferred equity investments.

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Source: SL Green Realty Corp