SL Green Completes Sale of Two Properties


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.
Matt DiLiberto
Chief Financial Officer

Source: SL Green Realty Corp.

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