SL Green buys 315 Park Avenue debt for $218M

New York /
Dec.December 03, 2012 03:00 PM

Office landlord SL Green Realty today announced its purchase of the debt on 315 Park Avenue South, Crain’s reported. A source told the publication that SL Green will shell out $218 million for the building’s loan.

As The Real Deal reported this summer, special servicer CW Capital filed a suit to foreclose on the 20-story building. The 320,000-square-foot property is owned by Craig Nassi, who purchased the building for $265 million in 2007 at the height of the market.

Crain’s said the loan expired in June and is in default, but Nassi still makes loan payments. The building is valued at $219 million, close to what SL Green will reportedly pay. Real estate experts told Crain’s that the closeness in price is a sign of the strengthening market.

SL Green now has the opportunity to take control of the building, which is located in Midtown South. [Crain’s]Zachary Kussin


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
IBM, Franklin Templeton eyeing SL Green’s One Madison
IBM, Franklin Templeton eyeing SL Green’s One Madison
IBM, Franklin Templeton eyeing SL Green’s One Madison
2 Penn Plaza with Vornado's Steven Roth and 550 Madison Avenue with Olayan Group's Hutham Olayan (VNO, Getty, Olayan)
Manhattan’s 10 biggest office leases in 2021
Manhattan’s 10 biggest office leases in 2021
One Vanderbilt, 1290 Sixth Avenue, Terminal Stores at 271 11th Avenue, and 1133 Sixth Avenue (Wikimedia, VNO, COOKFOX, Google Maps)
Here are NYC’s largest commercial real estate finance deals of 2021
Here are NYC’s largest commercial real estate finance deals of 2021
SL Green CEO Marc Holliday, HNA Group’s Guoqing Chen and 245 Park Avenue (Getty, Google Maps)
SL Green is out as manager of Park Avenue office tower
SL Green is out as manager of Park Avenue office tower
Black Spruce picks up UWS apartments in slow week for mid-market deals
Black Spruce picks up UWS apartments in slow week for mid-market deals
Black Spruce picks up UWS apartments in slow week for mid-market deals
arrow_forward_ios

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

Loading...