SL Green to pay $145M for stake at 635 Madison

Meanwhile, Jeff Sutton partners with landlord on deal to buy retail condo at 121 Greene

635 Madison Avenue and Marc Holliday
635 Madison Avenue and Marc Holliday

SL Green has entered contract to buy the fee interest at 635 Madison Avenue for $145 million in an off-market deal, the landlord announced today.

Ashkenazy Acquisition owns the 176,500-square-foot office building, which has a ground lease that expires in 2030 and an option for one 21-year renewal extension. Tenants include watch manufacturer Raymond Weil and luxury retailers such as Molton Brown and Baccarat.

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The 19-story property is located between 59th and 60th streets.

Also, SL Green entered into contract for two Soho spaces: a 7,200-square-foot retail condominium at 121 Greene Street and a 5,210-square-foot retail condominium at 115 Spring Street. Jeff Sutton is a partner on the acquisition of 121 Greene Street, which is in contract for $28 million, sources told The Real Deal. The other building, 115 Spring Street, is set to sell for about $60 million, sources said. A spokesperson for SL Green said they were not immediately available to comment.

The landlord also owns the retail component at nearby 131-137 Spring Street and a participating preferred investment at 530-536 Broadway.  — Mark Maurer and Adam Pincus