The Real Deal New York

Category: SL Green

  • From left: Marc Holliday, 11 Madison Avenue, Alex Sapir and Rotem Rosen with a portrait of the late Tamir Sapir

    From left: Marc Holliday, 11 Madison Avenue, Alex Sapir and Rotem Rosen with a portrait of the late Tamir Sapir

    SL Green Realty just closed on its $2.6 billion purchase of 11 Madison Avenue from the Sapir Organization and minority partner CIM Group. The deal, the largest single-building transaction in New York City history, is a huge coup for Sapir, which bought the property in 2003 for $675 million and managed to bring in marquee technology and media tenants. [more]

  • Major REITs “got killed” in Q2

    July 30, 2015 09:45AM
    From left: Marc Holliday, Owen Thomas and Steven Roth

    From left: Marc Holliday, Owen Thomas and Steven Roth

    After a successful first quarter that saw positive shareholder returns and price performance virtually across the board, major New York-focused real estate investment trusts gave it all back in the second quarter – and then some. [more]

  • 304 Park Avenue South in Flatiron

    304 Park Avenue South in Flatiron

    Talent agency IMG Worldwide signed on for another 22,500 square feet at SL Green Realty’s 304 Park Avenue South, bringing its total area to 96,000 square feet.

    Asking rent in the building was $72 a square foot, the New York Post reported. IMG represents top models, entertainment and sports figures. [more]

  • The scene at 317 Madison Avenue (Credit: @MDiamond8 via Twitter)

    The scene at 317 Madison Avenue (Credit: @MDiamond8 via Twitter)

    UPDATED, 5:30 p.m., July 24: Two construction workers were injured this morning while performing demolition work at SL Green Realty’s 317 Madison Avenue. The property lies on the site of SL Green’s upcoming One Vanderbilt tower, and it’s the second construction accident since work began in March.  [more]

  • From left: Marc Holliday, 260 East 72nd Street on the Upper East Side and David Berley

    From left: Marc Holliday, 260 East 72nd Street on the Upper East Side and David Berley

    SL Green Realty purchased a mixed-use Upper East Side residential building at 260 East 72nd Street for $27.1 million, according to property records filed Wednesday with the city. [more]

  • REIT execs rake it in

    June 30, 2015 10:30AM
    From left: Owen Thomas and Steven Roth

    From left: Owen Thomas and Steven Roth

    From the June issue: From SL Green securing TD Bank as anchor tenant at its planned One Vanderbilt office tower to Vornado Realty Trust using the proceeds from its $605 million sale of 1740 Broadway to acquire the St. Regis Hotel’s retail condo, 2014 was an active, and lucrative, year for the city’s largest real estate investment trusts chair — and their top brass was rewarded handsomely in return.

    The top executives at three of New York’s most prominent commercial REITs —SL Green, Vornado and Boston Properties — saw total compensation jump almost 14 percent year-over-year in 2014, according to filings with the Securities and Exchange Commission submitted last month. [more]

  • 600 Lexington Avenue

    600 Lexington Avenue

    Law firm Goldberg Segalla has more than doubled its space with a move to SL Green Realty’s 600 Lexington Avenue.

    The firm’s old home at 780 Third Avenue, at just under 5,000 square feet, was its first in New York City and opened a year ago. The new digs will be roughly 12,500 square feet on the 36-story office tower’s ninth floor, where asking rent was $65 per square foot. [more]

  • From left: Ben Shaoul and 250 Bedford

    From left: Ben Shaoul and 250 Bedford Avenue

    Magnum Real Estate Group and SL Green Realty’s Williamsburg Social is fully leased, a spokesperson for the project told The Real Deal exclusively. [more]

  • SL Green’s Marc Holliday

    From the February issue: After a frenzy of buying and selling in the face of declining stock prices, 2012 ended on an up-note for many of the real estate investment trusts with notable New York holdings. And while the companies’ stock prices have still not reached their pre-boom highs, many analysts are still bullish on the firms, arguing that most of them have deployed the billions they have raised in savvy, strategic ways. In a sense, that rosy outlook marks a sharp reversal in a short span of time. Indeed, just a few months ago, some analysts were guessing that some of the most active New York REITs — including SL Green Realty, Vornado Realty Trust and Boston Properties — might buy up their own stocks in a bid to prop up the trading prices. But now, that added boost doesn’t seem necessary. [more]

  • SL Green pays $122M for Soho retail

    January 31, 2013 03:45PM

    Source: The Real Deal analysis of Real Capital Analytics properties categorized as retail

    SL Green Realty added to its retail portfolio with the $122.3 million acquisition of store space in Soho, the ever-trendy neighborhood that has seen record-breaking levels of sales over the past year. [more]

  • Joseph Chetrit and the Sony building

    Joseph Chetrit is taking the next step to close the $1.1 billion purchase of the Sony tower at 550 Madison Avenue. The property owner is now in talks with SL Green, the city’s largest commercial landlord, to finance around $800 to $900 million of the acquisition, Crain’s reported. SL Green would then sell the senior portion of the debt to a bank partner. As for the remaining $300 million, SL Green would keep it as mezzanine financing on its own balance sheet, Crain’s said. This story comes on the heels of one taking a look inside the deal. [more]

  • 195 Broadway and 10 East 53rd Street

    Big five publisher HarperCollins is set to make a big move. The publishing giant is leaving its longtime Midtown headquarters for AT&T’s former Financial District headquarters at 195 Broadway, the New York Post — which is owned by the same parent company, News Corp., as the Post — reported. The months-in-the-making 15-year lease deal closed on Friday for 185,000 square feet on four and a half floors, a source told the Post. A joint venture between L&L Holding and Beacon Capital Partners owns the landmarked downtown building, with L&L acting as the managing agent. … [more]

  • 520 Madison Avenue

    Jefferies Group has renewed its 450,000-square-foot lease at 520 Madison Avenue, putting rest to speculation that the investment bank would move to a new location at Midtown West or at the World Trade Center site, Crain’s reported. The renewal adds 15 years to Jefferies’ lease in the 43-story, 1 million-square-foot tower, which is owned by Tishman Speyer. Jefferies will occupy two spaces in the tower; a large block of space on floors 2 to 13, and a smaller, higher-priced space on floors 16 to 20. In the first week of January, SL Green Realty had indicated that a deal was expected, as The Real Deal previously reported. The bank’s hesitation to move reflects the reluctance to invest in building out a new office space, which would require specialized and expensive infrastructure, such as trading systems, to be installed. [more]

  • 1185 Avenue of the Americas

    Alterra USA Holdings has inked a 27,342-square-foot lease in SL Green Realty-owned 1185 Avenue of the Americas, in a move to consolidate their New York offices into a single Midtown space, the New York Observer reported. The insurance firm, which in December 2012 was acquired by Markel Corporation for $3.13 billion, will join high-profile building tenants including News Corporation, King Spalding and the National Hockey League. Alterra previously had two separate office locations, including a 4,635 square-foot space in another SL Green-owned building, 1350 Avenue of the Americas. Scott Cahaly, a senior vice president at Jones Lang LaSalle, represented the buyer. … [more]

  • Times Square

    Asking rents in the bustling center of Times Square more than doubled over the last year, pulling even for the first time with the city’s most expensive district on Upper Fifth Avenue, commercial firm Cushman & Wakefield reported Tuesday. Landlords are asking an average of $2,283 per square foot in the Bowtie — where Broadway crosses Seventh Avenue — a 117 percent increase from last year, when it was $1,052 per square foot. [more]

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  • From left: Joe Sitt, Abe Goldstein, Jeff Sutton and 529 Broadway

    Over the past several years, some of the city’s top retail investors had been eyeing a small, down-in-the-tooth property at the corner of Spring Street and Broadway in Soho. Among its suitors: Vornado Realty Trust, SL Green Realty, Invesco and Crown Acquisitions. [more]