Office landlord SL Green Realty today announced its purchase of the debt on 315 Park Avenue South, Crain’s reported. A source told the publication that SL Green will shell out $218 million for the building’s loan.
As The Real Deal reported this summer, special servicer CW Capital filed a suit to foreclose on the 20-story building. The 320,000-square-foot property is owned by Craig Nassi, who purchased the building for $265 million in 2007 at the height of the market.
Crain’s said the loan expired in June and is in default, but Nassi still makes loan payments. The building is valued at $219 million, close to what SL Green will reportedly pay. Real estate experts told Crain’s that the closeness in price is a sign of the strengthening market.
SL Green now has the opportunity to take control of the building, which is located in Midtown South. [Crain’s] — Zachary Kussin