SL Green Buys Office Tower, Sells Condo Bldg.

NEW YORK CITY-Acquisition brings the firms midtown Manhattan holdings to nearly 800,000 sf.

By John Howe | September 22, 2000 at 01:01 AM

The company is also selling 17 Battery Place South, a condo unit in the Financial District.

The Broadway property is being bought from Angelo Gordon & Co. for $50.7 million. SL Green, a real estate investment trust, will receive $53 million from the sale of the condominium building, which will be redeployed into the Broadway acquisition. The firm plans to effect a Section 1031 tax-free exchange to defer capital gains from the sale.

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