SL Green’s condo sales at Daily News building lead mid-market deals

REIT sold pair of commercial condos to the Young Adult Institute for about $27M

New York /
Jun.June 22, 2020 07:30 AM
SL Green CEO Marc Holliday with 220 East 42nd Street and 103-105 MacDougal Street (Google Maps)

SL Green CEO Marc Holliday with 220 East 42nd Street and 103-105 MacDougal Street (Google Maps)

The $10 million to $30 million sector of New York’s investment sales market saw two deals last week, including a pair of commercial condos in the former Daily News building that SL Green came close to selling to Jacob Chetrit last year. Here are the details:

1. SL Green sold a pair of commercial condos in the former New York Daily News building to the Young Adult Institute for $26.7 million. The institute focuses on providing services for people with intellectual and developmental disabilities in New York City, Long Island and the Hudson Valley. SL Green previously went into contract to sell the building at 220 East 42nd Street to Jacob Chetrit for $815 million. Chetrit backed out of the deal in March after financing from Deutsche Bank fell through. SL Green has since sued Chetrit to keep the $35 million deposit he had put down.

2. An LLC based in Lower Manhattan purchased a Greenwich Village multifamily property for $22.25 million from the Feenjon Corporation. The adjacent buildings at 103-105 MacDougal Street both stand seven stories tall with 36 residential units, and they both span about 20,000 square feet, according to the city. Rents in the buildings range from $2,195 to $2,995, according to StreetEasy.


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