SL Green Announces Sale of 1080 Amsterdam Avenue
SL Green Realty Corp. (NYSE:SLG) has announced the sale of its leasehold interest in 1080 Amsterdam Avenue for $42.5 million, resulting in a gain of over $15 million. The sale is part of SL Green's strategy to consolidate its portfolio into core assets as New York City's residential market recovers. The property, located near Columbia University, features 96 apartments and two commercial units. The transaction is expected to close in January 2022, pending customary conditions.
- Sale of 1080 Amsterdam Avenue for $42.5 million, leading to a gain of over $15 million.
- Strategic consolidation of portfolio into prime assets as NYC's residential market rebounds.
- None.
NEW YORK, Dec. 06, 2021 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, together with its joint venture partner, Stonehenge, today announced the sale of its leasehold interest in 1080 Amsterdam Avenue for a gross sale price of
“The sale of 1080 Amsterdam continues our efforts to consolidate our portfolio into prime, core assets,” said Harrison Sitomer, Senior Vice President of SL Green. “As New York City’s residential market rebounds, we are pleased to be able to capitalize on this investment via a strategic disposition.”
1080 Amsterdam Avenue is an 82,250-square-foot, 20-story pre-war elevator building located just south of Columbia University’s campus, at the northwest corner of Amsterdam Avenue and West 113th Street on Manhattan’s Upper West Side. The property is comprised of 96 apartments and two commercial units, and recently underwent a complete redevelopment program.
An Ackman-Ziff team including Marc Sznajderman, Andrew Sasson, Chad Sinsheimer, and Justin Bomba advised SL Green in the sale.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2021, SL Green held interests in 76 buildings totaling 35.3 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 7.3 million square feet securing debt and preferred equity investments.
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FAQ
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