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SL Green to sell 711 Third Avenue
SL Green Realty is putting its leasehold on 711 Third Avenue, and a 50 percent interest in the underlying ground, on the market, sources told Crain’s. The 580,000-square-foot building, between East 44th and East 45th streets, may likely command a high asking price — between $200 million and $225 million, according to experts — because of its proximity to Grand Central Terminal.
Darcy Stacom, vice chairman of CB Richard Ellis, is handling the sale on behalf of SL Green.
The property has a well-known mosaic in the lobby designed by abstract expressionist painter, Hans Hofmann. Tenants include Crain Communications and Parade Magazine, the latter of which has eight years left on its lease.
Earlier this year, SL Green co-CIO Isaac Zion identified the property as one of a few assets where capital expenditures were rising, Crain’s said, but he noted that the net operating income “growth isn’t quite there.” [Crain’s]