The first closed sale related to SL Green Realty, Stonehenge Partners and investor Jeff Sutton’s purchase of the David Frankel Realty property portfolio last month, has hit public records.
The sale of the 290,480-square-foot residential rental tower at 1026 First Avenue was recorded for $109 million today; it makes up over a quarter of the total $416 million spent on the portfolio, which also includes properties at 724 Fifth Avenue, 752 Madison Avenue, 19 East 65th Street, 21 East 65th Street, 762 Madison Avenue, 44 West 55th Street and 400 East 58th Street. The sale of all the properties closed Jan. 31.
As The Real Deal previously reported, Sutton, president of Wharton Properties, and SL Green will own and operate the retail component of the portfolio, while Stonehenge and SL Green will operate the residential space, such as at 1026 First Avenue, for which Citibank is the ground-floor commercial tenant. There are currently no residential vacancies at the tower, according to Streeteasy.com.
Andrew Levine, chief legal officer at SL Green, signed the closing documents on behalf of the buyer. — Katherine Clarke