The Real Deal New York

1372 Broadway drops $61M in value since 2007

October 28, 2008 11:19AM
By Adam Pincus

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The sale by partners SL Green and troubled banking giant Wachovia of
the 21-story office building at 1372 Broadway closed for $274 million,
$20 million below a figure published in July and $1 million below a number cited just last week.

In July the New York Times reported the brick building at 37th Street was in
contract for $294 million, and an article published October 21 in the
Observer said the sales price was expected to be $275 million.

The closing price was reported in SL Green’s third quarter financial
statement released yesterday. The Manhattan-based real estate
investment trust said it booked a $238.9 million gain due to its sale
of an 85 percent interest in the building to Wachovia in July 2007,
which valued the building at the time at $335 million.

Lloyd Goldman, the billionaire developer and owner of BLDG Management,
was identified in reports as the buyer.

SL Green also announced a series of executive changes at Gramercy
Capital Corporation, a real estate investment and management firm
managed by a subsidiary of SL Green. Marc Holliday was being replaced
as president and chief executive officer by Roger Cozzi, while Andrew
Mathias, Gramercy’s chief investment officer, and Gregory F. Hughes,
its chief credit officer, were departing, effective immediately, the
company said.

Holliday had held the post since the creation of Gramercy in 2004.

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