SL Green Realty has purchased another leasehold position at the Graybar Building, the 31-story office and retail tower above Grand Central Terminal at 420 Lexington Avenue. The $7.6 million transaction is the second of its kind in recent months. SL Green, which handles both management and leasing at the building, purchased W&M Properties’ leasehold position in August, also for $7.6 million, and in September began to alter the building’s ground-floor leases in order to simplify the ownership structure. SL Green’s mortgage on the Graybar Building was originally due next year, but it refinanced the loan. Cushman & Wakefield Sonnenblick Goldman advised the company on the acquisition. TRD
Posts Tagged ‘w&m properties’
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In hindsight, an early nickname for the Empire State Building seems more like an omen. The building earned the moniker “Empty State Building” in the 1930s, when the city’s real estate market crashed after a boom decade. Built in 1931, it was one of several newer buildings that contributed to the city’s 92 percent increase in inventory during the Great Depression. Though the market cycled through ups and downs after that, the “empty” epithet has continued to haunt the Empire State Building. Even amid the boom, in 2006, the landmarked building’s vacancy rate reportedly stood at 18 percent. Today, the building, at 350 Fifth Avenue at 34th Street, has a vacancy rate of 22 percent, according to Fred Posniak, senior vice president at W & H Properties, the building’s manager. About 45 percent of the current vacancy is intentional, with space
being held off the market for renovation, Posniak said. That translates
to about 270,000 or 280,000 of the building’s 600,000 vacant square
feet. The rest of the vacant space, about 320,000 square feet, is on
the market. More -
SL Green Realty is altering some ground-floor leases at the Graybar Building, at 420 Lexington Avenue between 43rd and 44th streets, to simplify the building’s ownership structure before it gets a new mortgage. Several groups have ownership stakes in the building, though it is managed and leased by SL Green. The company bought one ownership stake from W&M Properties early last month for $7.6 million, according to public documents. W&M’s Anthony Malkin said SL Green had approached W&M several times to sell portions of the building. SL Green’s existing mortgage on the building was originally due next year, but the company was able to refinance thanks to the W&M deal and several others.
