SL Green plans office tower near WTC

REIT received permits to begin demolition in FiDi

New York /
Jun.June 21, 2017 12:15 PM

UPDATED, June 21, 4:44 p.m.: SL Green Realty TRData LogoTINY is planning to build a Financial District office tower close to the World Trade Center.

The real estate investment trust received permits last month to put up scaffolding and begin demolishing three buildings it owns at 183 and 187 Broadway and 5-7 Dey Street, the New York Post reported. Simultaneously, the Metropolitan Transportation Authority issued a request for proposals to buy 62,750 square feet of unused air rights over a subway entrance next door to the development.

If SL Green bought the air rights, it could construct a building as big as 200,000 square feet.

The company bought 183 Broadway for $28.5 million last year and paid $63.7 million for the other two buildings in 2015. The Post reported that SL Green also approached the owners of two office properties at 179 and 181 Broadway but has yet to convince them to sell.

SL Green is behind the $3.2 billion office tower One Vanderbilt next to Grand Central Station. Korean pension fund National Pension Service of Korea and developer Hines took stakes in the tower project earlier this year.

SL Green is in talks to sell a 49 percent stake in its Midtown office tower 1515 Broadway to China Investment Corporation and other prospective bidders. [NYP]Konrad Putzier

(To view Sl Green Realty’s commercial sales transactions, click here)


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