SL Green to gain $66M from 510 Madison

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]

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