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A&E buying SL Green apartments at $130M valuation
Deal comes as former EDC chief James Patchett takes helm
A&E Real Estate has reached an agreement to buy another of SL Green Realty’s apartment buildings in a deal that values the property at more than $130 million.
The privately held multifamily investor has signed a contract to buy 400 East 57th Street, sources familiar with the transaction told The Real Deal.
SL Green announced Wednesday afternoon that it was in contract to sell the 263-unit property at a gross valuation of $133.5 million, but did not identify the buyer.
A spokesperson for the REIT declined comment on the buyer’s identity and a representative for A&E declined to comment.
The deal was brokered by Ackman-Ziff’s Marc Sznajderman, Andrew Sasson and Chad Sinsheimer, who declined to comment.
SL Green said it would receive net proceeds of $18 million for its stake in the property. The company put its 41 percent stake in the building up for sale last year along with a nearby building at 400 East 58th Street.
A&E purchased the East 58th Street building for $62 million in September. The company recently brought on former New York City Economic Development Corporation head James Patchett as CEO.