The price of the property is subject to an adjustment based on the final amount of the preferred equity, but will not come in below $90.2 million, according to SLG, which expects to receive a gain of approximately $6 million from the deal. 1412 Broadway, three blocks south of Times Square, is leased by fashion industry companies for office and showroom space.

Commenting on the sale, Marc Holliday, president and chief investment officer of SLG, notes that the sale was part of the firm's strategy of disposing of non-core assets to acquire capital for investing in core, long-term growth opportunities.

Eastdil Realty served as sole financial advisor for the deal. SLG, headquartered here, is a REIT that specializes in Manhattan office buildings.