The Real Deal New York

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

United Refining Inc. signed a 20,000-square-foot deal
By Christian Bautista | July 19, 2018 06:15PM

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.