SL Green looks to sell FiDi mixed-use development

Tower under construction at 185 Broadway could be valued at $400M

New York /
Sep.September 09, 2020 12:45 PM
SL Green CEO Marc Holliday and 185 Broadway (Photos via SL Green)

SL Green CEO Marc Holliday and 185 Broadway (Photos via SL Green)

SL Green Realty is looking to sell its nearly finished Financial District residential project, which could be valued at upwards of $400 million.

The REIT has listed its development at 185 Broadway, which is scheduled for completion next summer, according to marketing materials.

When completed, the mixed-use building will have 209 residential units, 41,000 square feet of office space and nearly 10,000 square feet of retail.

SL Green’s pricing expectations for the property were not disclosed. But in a presentation from earlier this year, the company disclosed that the building could be valued at somewhere between $370 million and $415 million upon completion based on projected income and a sale at a cap rate between 4 percent and 4.5 percent.

A spokesperson for SL Green declined to comment. Cushman & Wakefield is marketing the property.

Rising at the entrance to the Fulton Street subway station, 185 Broadway will stand 31 stories. The property has a 35-year tax abatement under the state’s Affordable New York program. Sixty-three of the apartments will be set aside as affordable.

SL Green began assembling the site in 2015, including buying parcels and development rights from the Metropolitan Transportation Authority.

United Overseas Bank provided the developer with a $225 million construction loan in late 2018. SL Green has been active on the sell side recently as it looks to raise cash to finance stock buybacks and build a cushion against the economic downturn.





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