From left: SL Green co-CIO Isaac Zion, 711 Third Avenue and Darcy Stacom, vice chairman of CBRE

SL Green Realty is putting its leasehold on 711 Third Avenue, and a 50 percent interest in the underlying ground, on the market, sources told Crain’s. The 580,000-square-foot building, between East 44th and East 45th streets, may likely command a high asking price — between $200 million and $225 million, according to experts — because of its proximity to Grand Central Terminal. Darcy Stacom, vice chairman of CB Richard Ellis, is handling the sale on behalf of SL Green. The property has a well-known mosaic in the lobby designed by abstract expressionist painter, Hans Hofmann. Tenants include Crain Communications and Parade Magazine, the latter of which has eight years left on its lease. [more]

Anthony Malkin, president of Malkin Holdings, said that he learned in the recent process of retrofitting his company’s Empire State Building that it’s not about the greening.

“I think we learned that in the end it’s not about the greening but about money and about returns,” Malkin said at last night’s YJP Real Estate Investment Summit 2011 (see photos above). “If you put a green waterfall in your lobby it’s not going to change the world but if you can provide a greater than 40 percent reduction in the use of energy and save your tenants money by being efficient that makes a difference.” — Marc Becker [more]

From left: Whitney Wilcox, Isaac Zion, Howard Nottingham, Jay Koster, Steven Koppel, at last night’s REBNY meeting

Lenders mulling which borrowers to chase into foreclosure will be considering not only the viability of the struggling real estate projects but also the relationship with the developers, finance experts said at a panel last night held at the Real Estate Board of New York. While most lenders do not want to take back distressed properties and are content to extend loan terms, in certain situations they will move against the owners. In those cases, aggressive efforts to take back properties will at times be made based on the level of business the borrower has with the lender, said panelist Steven Koppel, partner at law firm Jones Day. “A strong bank may have more of an appetite to force the issue, especially if the borrowing entity is not a client they want in the future or is in an asset class they are not really interested in,” Koppel said. Comments

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