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SL Green expands downtown portfolio with $319M spending spree

The Soho Building at 110 Greene Street
The Soho Building at 110 Greene Street

SL Green Realty Corp. has expanded its downtown holdings with the purchase of a majority interest of The Soho Building.

The company announced yesterday (Tuesday) is will acquire a 90 percent interest in the building based on a gross asset valuation of $255 million.

New York City’s largest commercial property owner said the deal came about as a result of a long-standing relationship with the seller, the late Tony Goldman, credited with leading the transformation of SoHo into the world renowned area that it is today.

“This transaction presents SL Green with a unique opportunity to acquire and further enhance the property into one of the most compelling multi-use assets in Downtown New York. The property is truly fitting of its iconic name,” said SL Green managing director, Brett Herschenfeld.

Located at 110 Greene Street in SoHo, the mixed-use building features 13 stories, making it one of the tallest buildings in the historic district.

Retail space along Greene and Mercer Streets, offers existing and future tenants high visibility on two of the strongest retail streets in Manhattan. SL Green said it plans additional improvements to the property as it reintroduces it to the marketplace.

Commenting on behalf of the Goldman Family join venture which sold the share, Janet Goldman said, “Tony was a brilliant real estate developer with the ability to revolutionize markets. We are excited to see SL Green utilize its expertise to further realize Tony’s vision for this world-class asset.”

SL Green Realty Corp. also announced the acquisition of two mixed-use properties at 187 Broadway and 5-7 Dey Street for $63.7 million. The transaction was completed off-market, directly with the seller.


Located adjacent to the entrance to the new Fulton Transit Center and one block east of the World Trade Center, the site consists of two mixed-use, retail/office buildings.

The properties sit directly across from 180 Broadway, a dormitory and retail asset that SL Green successfully developed from ground-up and, subsequently, sold in the third quarter of 2014.

Herschenfeld said, “This transaction perfectly illustrates how SL Green seeks to use its size, market expertise, proprietary OP Unit currency and industry relationships to identify and take advantage of compelling, well-located acquisition opportunities.

“187 Broadway and 5-7 Dey Street are situated adjacent to the Fulton Transit Center, which is serving as the fulcrum of the continuing revitalization of Downtown Manhattan and we are excited to once again create value in the corridor.”

Carl Schwartz and Matt Scoville of Hunton & Williams represented the seller. Peter Fisch and Vincent Asaro of Paul, Weiss, Rifkind, Wharton & Garrison LLP represented the buyer.

The transactions increase SL Green’s sizable footprint downtown and extends its retail presence that currently includes 102 Greene Street, 121 Greene Street, 115 Spring Street, 131-137 Spring Street and 530-536 Broadway.

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