Land under SL Green, Sutton’s 760 Madison up for sale

Sale would not impact SL Green, Sutton and Stonehenge Partners stake in properties

New York /
Jun.June 20, 2014 06:31 PM

The longtime owners of the land under three buildings controlled by SL Green Realty, Jeff Sutton and Stonehenge Partners at Madison Avenue and 65th Street are offering it for sale for an undisclosed price.

The Land Under 760 Madison Avenue, as well as the adjacent properties at 19 And 21 East 65th Street, is leased long-term to a company controlled by SL Green, Sutton and Stonehenge, but is owned by a company called Weatherley 65th Street LLC.

An investment sales team from Massey Knakal Realty Services including Paul Massey, Guthrie Garvin, Michael Gembecki and Tyler Hughes, is marketing the land, known as the “fee.” Massey said his client declined to comment. The long-term lease held by SL Green, Sutton and Stonehenge is not impacted by this sale, and they are not involved in the sale.

In January 2012, SL Green led by CEO Marc Holliday, Sutton and residential landlord Stonehenge bought the ground lease for $14 million from David Frankel as part of a large portfolio acquired for $416 million. The ground lease, which has more than 70 years remaining, has a reset scheduled for April 2015, court records show. At that time the ground lease payments will be reassessed based on current market conditions, which is typical of such leases.

Luxury retailer Armani is the retail tenant in the 16,468-square-foot, four-story 760 Madison, erected in 1996, data from PropertyShark show.

The net rent for the Armani retail space was about $1.7 million in 2012 — the most recent year available — information from the real estate data company Genesis Computer Consultants reveals.


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 CEO Marc Holliday (Getty, Sl Green)
SL Green shareholders cry foul on CEO bonus
SL Green shareholders cry foul on CEO bonus
SL Green’s Marc Holliday with One Vanderbilt. (SL Green, KPF Architects)
$3B refi of One Vanderbilt set to close in two weeks: report
$3B refi of One Vanderbilt set to close in two weeks: report
SL Green’s Marc Holliday and 711 Third Avenue. (SL Green)
Connecticut hedge fund takes 20K sf at SL Green’s 711 Third Avenue
Connecticut hedge fund takes 20K sf at SL Green’s 711 Third Avenue
SL Green Realty CEO Marc Holliday, 635-641 Sixth Avenue and Spear Street Capital managing director Zachary Resnick (SL Green, LinkedIn)
SL Green sells Sixth Ave building to Spear Street for $325M
SL Green sells Sixth Ave building to Spear Street for $325M
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
arrow_forward_ios

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

Loading...