Brookfield fund buying SL Green’s 315 West 33rd Street for $447M

Property known as The Olivia has 333 units and spans nearly 500K sf

Feb.February 18, 2020 10:21 AM
315 West 33rd Street, SL Green's Marc Holliday and Brookfield's Ric Clark (Credit: SL Green, Getty Images)

315 West 33rd Street, SL Green’s Marc Holliday and Brookfield’s Ric Clark (Credit: SL Green, Getty Images)

A Brookfield Asset Management-backed fund is buying 315 West 33rd Street from SL Green for $446.5 million, SL Green announced on Tuesday.

The fund, known as Brookfield Premier Real Estate Partners, bought the mixed-use building known as “The Olivia” along with an adjacent parcel of undeveloped land for a price that worked out to roughly $906 per square foot. The deal should close by the second quarter of the year.

SL Green co-Chief Investment Officer David Schonbraun described the deal in a statement as “another example of SL Green’s commitment to strategically divest of non-core assets.”

The real estate firm bought the building in 2013 for about $387 million, according to property records. The property stands 36 stories tall and spans about 493,000 square feet with 333 residential units and about 270,000 square feet of commercial space.

The residential portion of the building is more than 96 percent occupied, while the commercial portion is 100 percent occupied with tenants including AMC Theater, Landmark Education and Music Choice.

CBRE’s Darcy Stacom represented SL Green in the deal.

Brookfield declined to comment on the deal.

This is the latest of several major New York City properties that SL Green has recently sold off. The real estate investment trust went into contract to sell its Daily News building at 220 East 42nd Street in October to Jacob Chetrit for $815 million, and it sold an office condo at 1745 Broadway to an unnamed Invesco client in 2018 for $633 million. SL Green is also reportedly looking to sell 609 Fifth Avenue.

Brookfield, in recent years, has been scooping up properties, including 666 Fifth Avenue from Kushner Companies for $1.3 billion and a South Bronx development site from Somerset Partners and the Chetrit Group for $165 million. The firm also completed a deal to buy Forest City Realty Trust in 2018 for $6.8 billion that made it New York City’s largest commercial landlord.

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