SL Green makes $146M retail play on Fifth Avenue

REIT inks series of deals with Gary Barnett's Extell

New York /
Feb.February 05, 2014 08:41 AM

SL Green Realty has paid $146.2 million to develop 45,000 square feet of Retail Space Along Fifth Avenue, in a series of deals with Gary Barnett’s Extell Development.

At a low-rise building at 570 Fifth Avenue, Extell sold everything under 180 feet to SL Green for $34.9 million. And in a similar deal at 574 Fifth Avenue, Extell sold everything under 180 feet to SL Green for $43.8 million.

On 46th Street at 562 Fifth Avenue, SL Green paid $67.5 million for the land while Extell paid $11.7 million for the air rights above 180 feet, the New York Post reported. Barnett will use the air rights to build a new tower at West 46th Street just west of Fifth Avenue, according to the newspaper. The new tower will cantilever over a portion of the planned SL Green retail building.

SL Green CEO Marc Holliday had alluded to the assemblage in the company’s fourth-quarter earnings call last week. Holliday did not disclose details at the time, saying only that it was a “site with enormous upside,” and was “highly, highly under-utilized.” [NYP]  – Hiten Samtani


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
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
A&E’s Douglas Eisenberg and the apartments (Stonehenge 57)
Tennessee pension fund joins A&E on Sutton Place apartments
Tennessee pension fund joins A&E on Sutton Place apartments
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
NBA store settles rent-collection lawsuit suit with landlord Moinian Group
NBA store settles rent-collection lawsuit suit with landlord Moinian Group
NBA store settles rent-collection lawsuit suit with landlord Moinian Group
One Vanderbilt, Stone Ridge CEO Ross Stevens, SL Green CEO Marc Holliday (SLG, YouTube via NYDIG)
Finance firm leases 100K SF at SL Green’s One Vanderbilt
Finance firm leases 100K SF at SL Green’s One Vanderbilt
Gary Barnett with an aerial of 738 and 740 Eighth Avenue (Google Maps)
Extell’s Times Square megaproject advances with $82M deal
Extell’s Times Square megaproject advances with $82M deal
arrow_forward_ios

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

Loading...