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NY REIT Earns $8.7 Mil on Early Redemption

NEW YORK CITY-SL Green takes in profit following aggressive program to enhance property's value.

By John Howe | Updated on September 19, 2000

NEW YORK CITY-SL Green Realty will earn $8.7 million, and receive a lump-sum payment of interest amounting to $692,000, on the early redemption of its $20 million preferred equity interest in the 1370 Avenue of the Americas building. Ownership was sold to a private investment group.

Over the last 15 months, SL Green is said to have carried out an aggressive program to enhance the value of the property.

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