SL Green Realty Corp., New York City’s largest commercial property owner, has closed on the purchase of a 20 percent interest in the newly completed Sky residential towerat 605 West 42nd Street in Midtown.
The firm 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 purchase.
“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, ” said SL Green co-chief Investment Officer David Schonbraun
Sky is located close to the Hudson River, in Manhattan’s Midtown West.
The 71-story, 927,358 s/f property, which features 1,176 rental units, stands near New York’s theater district, the High Line, Hudson River Park and Chelsea.