SL Green Puts Pair of Properties on the Market

SL Green is hoping to score with increased interest in Manhattan offices with the sale of two properties.

The major office landlord is marketing its properties at 110 Greene Street in Soho and 690 Madison Avenue in Midtown, Bloomberg reported. SL Green tapped Eastdil Secured to market the Manhattan buildings.

The pair of properties could fetch a combined $300 million, a source told the publication. SL Green did not comment on the properties’ marketing.

The 13-story, 295,000-square-foot building at 110 Greene Street counts Avoro Capital among its office tenants and Balenciaga as a retail tenant, fitting for the neighborhood’s luxury row of consumer goods brands. The subsidiary of French fashion house Kering signed a lease for 7,000 square feet in 2022.

Marc Holliday’s firm acquired 110 Greene Street as part of a deal for three downtown properties, coming in just shy of $300 million. The purchase of a 90 percent interest in that particular property from Goldman Properties valued the building at $255 million.

SL Green’s owned 690 Madison Avenue for far less time. The real estate investment trust acquired the five-story building from Ashkenazy Acquisitions through foreclosure in 2021, a $74 million deal. That represented less than 65 percent of what Ashkenazy paid to acquire the property in 2015.

SL Green was a sponsor of a mezzanine loan for the Ashkenazy ownership entity, which had an outstanding balance of about $3.85 million when SL Green held a UCC foreclosure auction.

Late last year, Jeff Sutton’s Wharton Properties bought a stake in the property for $34 million, giving the retail giant a 50 percent stake in the building at the corner of Madison Avenue and East 62nd Street.

Luxury jewelry brand Van Cleef & Arpels signed a lease for 7,800 square feet spanning all five floors of the property, replacing a Hermes men’s store, which relocated nearby to 706 Madison Avenue.

— Holden Walter-Warner