SL Green CEO Marc Holliday, 3 Columbus
The Moinian Group has struck a deal with SL Green to recapitalize its stake in 1775 Broadway, recently renamed 3 Columbus Circle, a 768,565-square-foot Office Tower On Eighth Avenue between 57th and 58th streets, the firms announced today. The deal, which includes a standby mortgage commitment and a possible future investment agreement, will free up funds for Moinian, who defaulted on a $250 million mortgage on the building in March. Moinian, who will keep roughly 51 percent of the building while handing over a 49 percent stake to SL Green, is said to be using the funding to complete the building’s massive renovation.
SL Green’s investment comes on the heels of a bullish quarter for the firm.
Manhattan-based real estate investment trust SL Green Realty reported its funds from operations nearly doubled in the third quarter compared with the same period last year.
Funds from operations rose to $145.3 million in the third quarter, up from $78.1 million in the third quarter 2009, a release from SL Green said.
The average starting office rent was $41.22 per square foot on the 44 office leases signed or commenced for a total of 510,463 square feet in Manhattan. TRD