SL Green makes $146M retail play on Fifth Avenue

REIT inks series of deals with Gary Barnett's Extell

SL Green Realty has paid $146.2 million to develop 45,000 square feet of Retail Space Along Fifth Avenue, in a series of deals with Gary Barnett’s Extell Development.

At a low-rise building at 570 Fifth Avenue, Extell sold everything under 180 feet to SL Green for $34.9 million. And in a similar deal at 574 Fifth Avenue, Extell sold everything under 180 feet to SL Green for $43.8 million.

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On 46th Street at 562 Fifth Avenue, SL Green paid $67.5 million for the land while Extell paid $11.7 million for the air rights above 180 feet, the New York Post reported. Barnett will use the air rights to build a new tower at West 46th Street just west of Fifth Avenue, according to the newspaper. The new tower will cantilever over a portion of the planned SL Green retail building.

SL Green CEO Marc Holliday had alluded to the assemblage in the company’s fourth-quarter earnings call last week. Holliday did not disclose details at the time, saying only that it was a “site with enormous upside,” and was “highly, highly under-utilized.” [NYP]  – Hiten Samtani

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SL Green makes $146M retail play on Fifth Avenue

REIT inks series of deals with Gary Barnett's Extell

SL Green Realty has paid $146.2 million to develop 45,000 square feet of Retail Space Along Fifth Avenue, in a series of deals with Gary Barnett’s Extell Development.

At a low-rise building at 570 Fifth Avenue, Extell sold everything under 180 feet to SL Green for $34.9 million. And in a similar deal at 574 Fifth Avenue, Extell sold everything under 180 feet to SL Green for $43.8 million.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

On 46th Street at 562 Fifth Avenue, SL Green paid $67.5 million for the land while Extell paid $11.7 million for the air rights above 180 feet, the New York Post reported. Barnett will use the air rights to build a new tower at West 46th Street just west of Fifth Avenue, according to the newspaper. The new tower will cantilever over a portion of the planned SL Green retail building.

SL Green CEO Marc Holliday had alluded to the assemblage in the company’s fourth-quarter earnings call last week. Holliday did not disclose details at the time, saying only that it was a “site with enormous upside,” and was “highly, highly under-utilized.” [NYP]  – Hiten Samtani

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