SL Green Announces Sale of 590 Fifth Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE:SLG) announced the sale of 590 Fifth Avenue for $103.0 million, valuing the property at $1,000 per square foot. This sale reflects the strong demand for well-located office and retail properties in New York City. The 19-story building, acquired by SL Green in October 2020, spans 103,000 square feet and features prime retail space. The transaction signifies progress in SL Green's 2021 business strategy, as the company remains on track to meet its annual goals. As of September 30, 2021, SL Green manages 76 buildings totaling 35.3 million square feet.

Positive

• Sale of 590 Fifth Avenue for $103.0 million indicates strong demand for NYC properties.
• Valuation of $1,000 per square foot showcases profitability and effective execution of business strategies.
• Transaction aligns with SL Green's 2021 business plan objectives.

Negative

• None.

Values Midtown East property at $1,000 per square foot

NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced the sale of 590 Fifth Avenue for a gross sale price of $103.0 million.  

“Closing on the sale of 590 Fifth Avenue at a price of $1,000 per square foot demonstrates the continued demand for well-located New York City office and retail properties,” said Harrison Sitomer, Senior Vice President of SL Green. “This profitable transaction is the latest step in the successful execution of our 2021 business plan as we remain on track to meet or exceed our stated goals for the year.”

Located between 47th and 48th Street, 590 Fifth Avenue is a 19-story, 103,000-square-foot office building with prime retail space at the base. SL Green took ownership of the property in October 2020.

Albert Sultan and Morris Sabbagh of Kassin Sabbagh Realty represented the buyer in the transaction.

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.

Forward Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties related to the on-going COVID-19 pandemic and the duration and impact it will have on our business and the industry as a whole and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

SLG - A&D

Matt DiLiberto
Chief Financial Officer
(212) 594-2700

FAQ

What was the sale price of 590 Fifth Avenue by SL Green Realty Corp. on October 28, 2021?

SL Green Realty Corp. sold 590 Fifth Avenue for a gross sale price of $103.0 million.

What is the significance of the $1,000 per square foot valuation of the Midtown East property by SL Green?

The $1,000 per square foot valuation indicates strong demand for well-located office and retail properties in New York City.

How does the sale of 590 Fifth Avenue impact SL Green's business plan for 2021?

The sale is part of the successful execution of SL Green's 2021 business plan, helping the company stay on track to meet its goals.

What type of property is 590 Fifth Avenue that SL Green sold?

590 Fifth Avenue is a 19-story office building with prime retail space at the base.

How many buildings does SL Green Realty Corp. manage as of September 30, 2021?

SL Green manages 76 buildings totaling 35.3 million square feet.