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

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

Wendy Silverstein (Credit: Getty Images)

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

From left: a rendering of 3 Sutton Place, Joseph Beninati and Gamma Real Estate's Jonathan Kallikow

Failed Sutton Place developer files for bankruptcy

(Credit: Getty Images)

Express to close 100 stores, stock jumps 21%

Flo Rida is building a vodka distillery in Fort Lauderdale Opportunity Zone

Flo Rida is building a vodka distillery in Fort Lauderdale Opportunity Zone

Real estate brokers are feeling more positive about the business for the first time since dark clouds started appearing a year ago. (Credit: iStock)

Brokers feeling more upbeat for the first time in a year: REBNY

Fathom Holdings CEO Joshua Harley (Credit: Fathom)

Virtual brokerage Fathom Holdings files for IPO

arrow_forward_ios
Loading...