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

Company will pay $151M for fee interest

TRD New York /
May.May 10, 2018 09:40 AM

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.


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 snags private-equity firm at
One Vanderbilt

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

Jacob Chetrit buying Daily News building from SL Green for $815M

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

arrow_forward_ios