The Real Deal New York

260-unit potential condo conversion is part of SL Green’s portfolio purchase

October 03, 2011 10:07AM

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From left: Wharton Properties President Jeff Sutton, SL Green President Marc Holliday, Stonehenge Managing Partner Ofer Yardeni, 724 Fifth Avenue and 760 Madison Avenue (building credits: PropertyShark)

A total of eight buildings were part of SL Green Realty, Jeff Sutton and Stonehenge Partners’ previously reported bulk New York City buy.

According to new details reported today by MarketWatch, the total price of the eight-building portfolio was $416 million — $16 million more than originally reported — and includes 44 West 55th Street, 400 East 57th Street, 752 Madison Avenue and 19 and 21 East 65th Street, in addition to headliners 724 Fifth Avenue, a 12-story retail location that houses Prada, and 762 Madison Avenue, a five-story building with retail, including an Armani store, and office space.

The Wall Street Journal previously reported that the initial yield on the portfolio would be just 4 percent, in part because of possible condominium conversations that were part of the deal. The two buildings with residential components are 400 East 57th Street, a 260-unit multifamily building, and 19 East 65th Street, which has 18 units. Meanwhile, 21 East 65th Street is a mixed-use building, 44 West 55th Street is a five-story commercial building and 752 Madison Avenue is a four-story retail building.

Family-owned David Frankel Realty was the seller. The deal is expected to close in the first quarter. [MarketWatch]

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