NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp (NYSE:SLG), New York City's largest commercial
property owner and an S&P 500 company, announced today it has sold its
90% stake in the residential condominium at 248-252 Bedford Avenue, a
72-unit multifamily building owned in partnership with Magnum Real
Estate Group, at a gross asset valuation of $55 million, or $1,242 per
square foot. The transaction is expected to close in the first quarter
of 2016, subject to customary closing conditions.
Situated in Brooklyn's highly sought-after Williamsburg neighborhood, SL
Green acquired its interest in the newly constructed 44,279 square foot
rental property, along with 12 townhomes, for $54.9 million in March
2012. The Company has since sold off the 12 townhomes for gross sales
prices totaling $25.5 million.
Today's announced sale, along with the prior townhomes disposition, will
generate an approximate levered IRR of 20% upon closing. SL Green will
retain its interest in the building's street level retail condominium
comprised of 51,470 square feet.
Brett Herschenfeld, SL Green Managing Director, commented, "The
execution of this investment with our partner Ben Shaoul, from
distressed acquisition to the sale of the townhomes and lease up and
sale of the multifamily residential units, enables us to realize a
rapid, substantial profit while retaining a foothold in the building's
valuable retail component, at a time when Williamsburg street retail
continues to gain popularity."
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, 2015, SL
Green held interests in 121 Manhattan buildings totaling 43.2 million
square feet. This included ownership interests in 30.6 million square
feet of commercial buildings and debt and preferred equity investments
secured by 12.6 million square feet of buildings. In addition to its
Manhattan investments, SL Green held ownership interests in 35 suburban
buildings totaling 5.3 million square feet in Brooklyn, Long Island,
Westchester County, Connecticut and New Jersey.
SLG - A&D
View source version on businesswire.com: http://www.businesswire.com/news/home/20151207005416/en/
Brett Herschenfeld
Managing Director
SL Green Realty Corp.
(212)
594-2700
Source: SL Green Realty Corp.
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