Red Apple Group subsidiary signs lease at SL Green’s 800 Third Avenue

United Refining Inc. signed a 20,000-square-foot deal

New York /
Jul.July 19, 2018 06:15 PM

800 Third Avenue (Credit: Google Maps)

UPDATED, July 20, 12:20 p.m.: United Refining Company, a subsidiary of John Catsimatidis’ Red Apple Group, signed a 20,000-square foot lease at SL Green’s 800 Third Avenue.

The firm, which operates gas stations and convenience stores, has been in the building for the past two years under a sublease, according to Catsimatidis. The new deal is a direct lease with SL Green that runs for 10.6 years, according to a supplement filed with the Securities and Exchange Commission. United Refining’s parent company is also a tenant in the building.

United Refining’s new location is a 41-story office tower that sits between East 49th and East 50th Street in Midtown. SL Green gained an ownership stake in the property in 2006, when it formed a partnership with existing owners Joseph P. Day Realty Corp. and the estate of Norman Levy. SL Green’s initial investment, valued at $102.4 million, came in the form of a loan secured by a 47 percent interest in the building. SL Green had the option to convert the mortgage into equity.

SL Green now owns a 60.5 percent stake in the property, according to the filing. The tower’s occupancy rate is currently at 96.4 percent, up from 94.6 percent last March.  The 526,000-square foot tower is divided between 42 office tenants. This includes airplane advertising firm Van Wagner Aerial Media and law firms Cohen & Gresser and Hinshaw & Culbertson.

SL Green did not immediately respond to request for comment.

Update: The article was updated to include details of United Refining’s sublease in the building.


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
Top Rock's Uri Mermelstein and Joseph Yushuvayev with 609 Fifth Avenue (LinkedIn, SL Green Realty)
Top Rock revealed as buyer of former Fifth Ave WeWork for $100M
Top Rock revealed as buyer of former Fifth Ave WeWork for $100M
Rethinking the ground lease
Rethinking the ground lease
Rethinking the ground lease
SL Green's Harrison Sitomer and 609 Fifth Avenue in Manhattan (SL Green, iStock)
SL Green sells Fifth Ave office condo for $100M
SL Green sells Fifth Ave office condo for $100M
HNA Group's Guoqing Chen (left), SL Green CEO Marc Holliday (right), and 245 Park Avenue (SL Green, World Travel & Tourism Council - via Wikimedia Commons, LoopNet)
HNA must pay SL Green fat sum over 245 Park Avenue
HNA must pay SL Green fat sum over 245 Park Avenue
1552-1560 Broadway and Wharton Properties’ Jeff Sutton (Google Maps)
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
arrow_forward_ios

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

Loading...