260-unit potential condo conversion is part of SL Green’s portfolio purchase

From left: Wharton Properties President Jeff Sutton, SL Green President Marc Holliday, Stonehenge Managing Partner Ofer Yardeni, 724 Fifth Avenue and 760 Madison Avenue (building credits: PropertyShark)

A total of eight buildings were part of SL Green Realty, Jeff Sutton and Stonehenge Partners’ previously reported bulk New York City buy.

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According to new details reported today by MarketWatch, the total price of the eight-building portfolio was $416 million — $16 million more than originally reported — and includes 44 West 55th Street, 400 East 57th Street, 752 Madison Avenue and 19 and 21 East 65th Street, in addition to headliners 724 Fifth Avenue, a 12-story retail location that houses Prada, and 762 Madison Avenue, a five-story building with retail, including an Armani store, and office space.

The Wall Street Journal previously reported that the initial yield on the portfolio would be just 4 percent, in part because of possible condominium conversations that were part of the deal. The two buildings with residential components are 400 East 57th Street, a 260-unit multifamily building, and 19 East 65th Street, which has 18 units. Meanwhile, 21 East 65th Street is a mixed-use building, 44 West 55th Street is a five-story commercial building and 752 Madison Avenue is a four-story retail building.

Family-owned David Frankel Realty was the seller. The deal is expected to close in the first quarter. [MarketWatch]

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