The Real Deal New York

SL Green to pay $145M for stake at 635 Madison

Meanwhile, Jeff Sutton partners with landlord on deal to buy retail condo at 121 Greene

April 23, 2014 09:05AM

635-mad

635 Madison Avenue and Marc Holliday

SL Green has entered contract to buy the fee interest at 635 Madison Avenue for $145 million in an off-market deal, the landlord announced today.

Ashkenazy Acquisition owns the 176,500-square-foot office building, which has a ground lease that expires in 2030 and an option for one 21-year renewal extension. Tenants include watch manufacturer Raymond Weil and luxury retailers such as Molton Brown and Baccarat.

The 19-story property is located between 59th and 60th streets.

Also, SL Green entered into contract for two Soho spaces: a 7,200-square-foot retail condominium at 121 Greene Street and a 5,210-square-foot retail condominium at 115 Spring Street. Jeff Sutton is a partner on the acquisition of 121 Greene Street, which is in contract for $28 million, sources told The Real Deal. The other building, 115 Spring Street, is set to sell for about $60 million, sources said. A spokesperson for SL Green said they were not immediately available to comment.

The landlord also owns the retail component at nearby 131-137 Spring Street and a participating preferred investment at 530-536 Broadway.  – Mark Maurer and Adam Pincus

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