SL Green has picked up a corner property at Seventh Avenue and 48th Street. The real estate investment trust has agreed to buy the three-story building for $41.1 million from two out-of-town owners, reports the Commercial Observer.
SL Green plans to demolish the current structure and rebuild the three stories to accommodate 25,000 square feet of retail, according to the New York Post. The Times Square area property can also accommodate LED signage.
A Kenneth Rothstein and Jeffrey Rothstein, of Denver and Scarsdale respectively, currently own the site. [NYO] – Tom DiChristopher