The Real Deal New York

iStar buying fee interest at 635 Madison from SL Green: sources

Company will pay $151M for fee interest
By Eddie Small and Mark Maurer | May 10, 2018 09:40AM

635 Madison Avenue and Jay Sugarman

SL Green Realty will sell its fee interest at 635 Madison Avenue to iStar for $151 million, according to sources familiar with the deal. The transaction is expected to close during 2018’s third quarter.

Ashkenazy Acquisition Corporation, which purchased the ground lease at the 19-story, 176,530-square-foot office and retail tower between 59th and 60th streets in 2011, will continue to own the leasehold for another 30 years, sources said.

SL Green bought the fee interest for $145 million in 2014.

Cushman & Wakefield’s Adam Spies, Doug Harmon, Josh King and Kevin Donner represented the company in the sale to iStar.