Amid strong Q3 performance, SL Green strikes deal with Moinian at 3 Columbus

New York /
Oct.October 25, 2010 07:08 PM

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

 

Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Brookfield's Bruce Flatt, 2 Manhattan West; SL Green's Marc Holliday, One Madison Avenue (Manhattan West, Getty, Brookfield, SL Green)
The 10 biggest Manhattan office leases of 2022
The 10 biggest Manhattan office leases of 2022
SL Green’s Brett Herschenfeld
Inside SL Green’s Times Square casino bid: podcast
Inside SL Green’s Times Square casino bid: podcast
SL Green's Marc Holliday, Frank Carone and Cushman & Wakefield's Brett White (SL Green, Getty, Cushman & Wakefield)
SL Green, Cushman suing tenants with Frank Carone ties
SL Green, Cushman suing tenants with Frank Carone ties
Boston Properties' Owen Thomas and SL Green's Marc Holliday (Boston Properties, SL Green, Getty)
Office developers widen their sights as sector’s uncertainty persists
Office developers widen their sights as sector’s uncertainty persists
One Vanderbilt SL Green’s Marc Holliday, Brookfield Properties’ Brian Kingston (Loopnet, Brookfield, SL Green, Getty)
Manhattan notches premium office deal record for 2022
Manhattan notches premium office deal record for 2022
arrow_forward_ios

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

Loading...