SL Green, Stonehenge to embark on luxury development in Morningside Heights
New York City’s largest office landlord, SL Green, today announced a joint venture with Stonehenge Partners on a luxury residential redevelopment project in Morningside Heights. The partnership will enter a 99-year ground lease for the 96-unit 1080 Amsterdam Avenue, located at 113th Street —just a few blocks south of Columbia University — for which it will shell out $13 million.
The building measures 82,250 square feet, according to a press release, though PropertyShark says it measures 89,365 square feet. It rises 20 stories high, has 96 apartments and two commercial units. The building was previously used to house hospital staff of St. Luke’s Hospital Center. According to PropertyShark, the building has an assessed value of $2.13 million and a market value of $4.74 million.
The renovations to the building will include upgrades to the common corridor, window improvements and changes to the electrical, heating and elevator systems. There is no mention of amenities slated to be included in the building, set to be finished two years from its start time, which was left unmentioned in the release.
As The Real Deal previously reported, this is not the first partnership that SL Green and Stonehenge have embarked on. The two, along with retail investor Jeff Sutton, paid $32 million for four Upper East Side properties, which included an Armani store. Also, as previously reported, Stonehenge terminated leases for six small businesses operating out of a Chelsea building that it acquired in 2011. Some observers say Stonehenge did this in an effort to combine the storefronts to make way for a chain drug store in the building, located at 364 West 18th Street. — Zachary Kussin