SL Green to sell leasehold stake in 673 First Avenue

Longtime tenant NYU Hospitals Center set to buy office building

673 First Avenue (Inset: SL Green's Isaac Zion)
673 First Avenue (Inset: SL Green's Isaac Zion)

SL Green is in contract to sell its leasehold interest in a 422,000-square-foot office building at 673 First Avenue to NYU Hospitals Center for $145 million.

NYU Hospitals Center, NYU School of Medicine and New York Presbyterian are the main tenants in the building, located near 39th Street. Cushman & Wakefield brokers Mark Mandell, Bruce Moslder, David Heller and Michael Rotchford represented the buyer, while Fried, Frank, Harris, Shriver & Jacobson represented SL Green. SL Green paid $362 million for the building in 2006, records show.

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In 2007, NYU Hospitals Center signed a 13-year lease for an extra 44,995 square feet, making the total 159,631 square feet, as previously reported. — Mark Maurer