SL Green to gain $66M from 510 Madison

TRD New York /
Sep.September 03, 2010 12:00 AM

September 03, 2010 04:00PM

SL Green head Marc Holliday and 510 Madison Avenue

SL Green Realty is expected to gain $66 million profit on the sale of 510 Madison Avenue, according to a report from FBR Capital Markets cited by Nasdaq. The real estate investment trust owned $280.5 million of senior and mezzanine debt on the property that was paid in full when Boston Properties acquired the building from Macklowe Properties last month. Boston Properties paid about $316 million, or about $904 per square foot, for the vacant Midtown property. The sale is the “best possible outcome” for SL Green, which valued the building at $884 per square foot, according to the FBR report. The sale followed a protracted legal battle by Macklowe to keep control of the property after defaulting on the debt, which SL Green purchased in December. The sale is expected to close later this month, an SL Green spokesperson said. [Nasdaq]

Tags:

510 Madison Avenue

Boston Properties

fbr capital markets

macklowe properties

 

Leave a Comment

Name:

(optional)

Email:

(optional)

Comment:

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Joe Biden (Credit: Leigh Vogel/Getty Images)

“Your rent will be increased” if Biden wins, landlord allegedly tells tenants

“Your rent will be increased” if Biden wins, landlord allegedly tells tenants
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
902 Drew Street and 400 East 58th Street (Google Maps)

New York’s multifamily sales improve in Q3

New York’s multifamily sales improve in Q3
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...