SL Green buys 315 Park Avenue debt for $218M

From left: 315 Park Avenue South, Craig Nassi and SL Green's Marc Holliday
From left: 315 Park Avenue South, Craig Nassi and SL Green's Marc Holliday

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.

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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