SL Green to sell two Fifth Avenue dev sites for $125M

The sites are located at 570 Fifth Avenue and 574 Fifth Avenue

New York /
Sep.September 17, 2015 09:02 AM

Less than a month after closing on the largest single-building transaction in New York history, 11 Madison Avenue, SL Green Realty is again making deals, hoping to raise cash to invest in its new marquee property.

The commercial real estate giant agreed to sell two retail development sites, at 570 Fifth Avenue and 574 Fifth Avenue in Midtown, banking $125.4 million.

The sites’ buyer is not known, but the deal is expected to close this year, the firm said.

SL Green bought the two sites from Extell Development in November 2013 for a total of $78.7 million. It closed on the $2.6 billion purchase of 11 Madison Avenue last month.

“With this transaction, SL Green will realize returns on its original investment that are consistent with our original underwriting without having incurred any development risk,” said Brett Herschenfeld, a managing director at the company. “In addition, the sale provides a source of equity capital that can be tax efficiently redeployed into Eleven Madison on an immediately accretive basis.”  – Ariel Stulberg

Correction: A prior version of this article provided the selling price as $13,690 per zoning square foot.


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
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
SL Green's Marc Holliday and 450 Park Avenue (Getty, Reading Tom, CC BY 2.0 via Wikimedia Commons)
SL Green reports $44M quarterly loss as it pivots to paying down debt
SL Green reports $44M quarterly loss as it pivots to paying down debt
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
SL Green’s Harrison Sitomer with 245 Park Avenue
SL Green gets restraining order against HNA at 245 Park Ave
SL Green gets restraining order against HNA at 245 Park Ave
SL Green's Harrison Sitomer and 450 Park Avenue (SL Green, Taconic Partners)
SL Green closes on Park Avenue office tower
SL Green closes on Park Avenue office tower
arrow_forward_ios

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

Loading...