260-unit potential condo conversion is part of SL Green’s portfolio purchase

New York /
Oct.October 03, 2011 10:07 AM
alternate
text
From left: Wharton Properties President Jeff Sutton, SL Green President Marc Holliday, Stonehenge Managing Partner Ofer Yardeni, 724 Fifth Avenue and 760 Madison Avenue (building credits: PropertyShark)

A total of eight buildings were part of SL Green Realty, Jeff Sutton and Stonehenge Partners’ previously reported bulk New York City buy.

According to new details reported today by MarketWatch, the total price of the eight-building portfolio was $416 million — $16 million more than originally reported — and includes 44 West 55th Street, 400 East 57th Street, 752 Madison Avenue and 19 and 21 East 65th Street, in addition to headliners 724 Fifth Avenue, a 12-story retail location that houses Prada, and 762 Madison Avenue, a five-story building with retail, including an Armani store, and office space.

The Wall Street Journal previously reported that the initial yield on the portfolio would be just 4 percent, in part because of possible condominium conversations that were part of the deal. The two buildings with residential components are 400 East 57th Street, a 260-unit multifamily building, and 19 East 65th Street, which has 18 units. Meanwhile, 21 East 65th Street is a mixed-use building, 44 West 55th Street is a five-story commercial building and 752 Madison Avenue is a four-story retail building.

Family-owned David Frankel Realty was the seller. The deal is expected to close in the first quarter. [MarketWatch]


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
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
SL Green's Marc Holliday and 450 Park Avenue (Getty, Reading Tom, CC BY 2.0 via Wikimedia Commons)
SL Green reports $44M quarterly loss as it pivots to paying down debt
SL Green reports $44M quarterly loss as it pivots to paying down debt
Jeff Sutton and 2088 East 3rd Street in Gravesend (Google Maps)
Jeff Sutton buys Gravesend home from Chera family for $14M
Jeff Sutton buys Gravesend home from Chera family for $14M
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
arrow_forward_ios

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

Loading...