NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial
property owner, today announced that it has completed the sale of two
properties with an aggregate value of $508 million:
1) The leased fee interest in 885 Third Avenue in Manhattan, also known
as “The Lipstick Building”, for a gross sale price of $453 million or
approximately $713 per square foot.
2) The Company’s 90% stake in the residential condominium at 248-252
Bedford Avenue, a 72-unit multifamily building in Williamsburg,
Brooklyn, at a gross asset valuation of $55 million or approximately
$1,242 per square foot.
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 December 31, 2015, SL
Green held interests in 121 Manhattan buildings totaling 48.3 million
square feet. This included ownership interests in 30.5 million square
feet of commercial buildings and debt and preferred equity investments
secured by 17.8 million square feet of buildings. In addition to
its Manhattan investments, SL Green held ownership interests in 33
suburban buildings totaling 5.1 million square feet in Brooklyn, Long
Island, Westchester County, Connecticut and New Jersey.
SL Green Realty Corp.
Chief Financial Officer
Source: SL Green Realty Corp.
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