SL Green bidding for 1330 Sixth Avenue, building expected to sell at a loss

New York /
Oct.October 29, 2010 03:30 PM

SL Green founder Stephen Green and 1330 Sixth Avenue

Several companies, including SL Green Realty, are expected to place bids next week on a 40-story tower at 1330 Sixth Avenue in The Plaza District, Crain’s reported. The 570,000-square-foot tower, which was recently renovated, is generating interest, and Dan Fasulo, managing director at Real Capital Analytics, estimates that the building, which is about 25 percent vacant, will fetch between $350 million and $400 million. The property has been off the market in recent weeks due to the impending sale. Bid offers are due next Friday. The building is owned by Caisse de Depot et placement du Quebec, a unit of a Canadian-government owned pension fund which took over the building last year from Harry Macklowe, who couldn’t pay the mortgage. Macklowe spent close to $30 million renovating the building, which he bought for $498 million in 2006. The building is being marketed by Darcy Stacom, vice chair of CB Richard Ellis. [Crain’s]

 

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