Home Real Estate BREAKING NEWS SL Green to Sell 625 Madison Ave for $633M 
Real Estate

BREAKING NEWS SL Green to Sell 625 Madison Ave for $633M 

SL Green Realty Corp., Manhattan’s largest office landlord, has entered into a contract to sell the fee ownership interest in 625 Madison Avenue for $632.5 million, valuing at $1,123 per square foot, to a global real estate investor. As part of this transaction, SL Green and its partners will make a $234.5 million preferred equity investment in the property.  

Situated between 58th and 59th Street in the Plaza District, 625 Madison Avenue spans 563,000 square feet across 17 stories, featuring ground-floor retail. SL Green had initially acquired its stake in the property through a prior mezzanine investment. Proceeds from the sale will be directed towards the repayment of corporate debt. 

“This deal, and our recent capitalization of 245 Park, reaffirm that well-located office real estate in New York is still among the most sought-after asset classes in the world,” said Brett Herschenfeld, executive vice president of retail and opportunistic investments at SL Green. 

Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...