NEW YORK--(BUSINESS WIRE)--
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.
SLG- A&D
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Andrew Mathias
President
Or
Matt DiLiberto
Chief
Financial Officer
212.594.2700
Source: SL Green Realty Corp.
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