SL Green sells 292 Madison Avenue interest for $85 million

SL Green Realty has found a buyer for its leased fee interest in a 26-story, 193,000-square-foot property at 292 Madison Avenue and 41st Street for $85 million, or $440 per square foot, reported, the sale of which is expected to generate approximately $22.7 million in net proceeds for the company.

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Eastdil Secured represented the company in the pending transaction.

SL Green paid Gramercy Capital $19 million for the interest in the building in 2010 as part of a deal for $391 million worth of office and retail, including the land and lease fee for the Lipstick Building at 885 Third Avenue and for 2 Herald Square. SL Green and its joint venture partner Jeff Sutton also announced yesterday an agreement to sell two retail condominium units at 141 Fifth Avenue for $46 million. []