In a flurry of announcement, SL Green announced the sale of two of the company’s Manhattan office buildings.
Together with its joint venture partner, Stonehenge, the company announced the sale of its leasehold interest in 1080 Amsterdam Avenue for $42.5 million.
The REIT also sold its ownership interest in the office and garage condominiums at 110 East 42nd Street (pictured top) for $117.075 million to Meadow Partners, which is acquiring the property on behalf of a separately managed account.
“We continue to see demand for well-located assets near transportation in Midtown and across the Manhattan,” said Harrison Sitomer, Senior Vice President of SL Green, noting that the sales are in line with the company’s strategy to divest of non-core assets and reinvest the capital into its stock.
110 East 42nd Street is located directly across from Grand Central Terminal and SL Green’s One Vanderbilt Avenue. The office condominium, which comprises a portion of the ground floor and the sixth through eighteenth floors, was originally built in 1923. Its exterior, lobby and the separate Cipriani event hall condominium in the base of the building have all been designated New York City Landmarks. SL Green previously sold the office condominium in 2007 and assumed control of it again in 2011. The garage condominium was acquired in 2013.
1080 Amsterdam Avenue is an 82,250 s/f, 20-story pre-war elevator building just south of Columbia University’s campus, at the northwest corner of Amsterdam Avenue and West 113th Street on the Upper West Side. The property is comprised of 96 apartments and two commercial units, and recently underwent a complete redevelopment program.
An Ackman-Ziff team including Marc Sznajderman, Andrew Sasson, Chad Sinsheimer, and Justin Bomba advised SL Green in the sale.
