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SL Green Sells 1412 B'way for $91.5 Mil

NEW YORK CITY-The 24-story property is used by the fashion industry for office and showroom space. SLG will retain an equity position in the property and expects to receive a gain of about $6 million.

By John Howe | Updated on April 26, 2001

NEW YORK CITY-The 24-story building at Broadway and West 39th Street here is being sold to an affiliate of JER Partners for $91.5 million by SL Green Realty Corp. JER is a subsidiary of McLean, VA based J.E. Roberts Cos. As part of the transaction, SLG will keep a participating preferred equity position of up to $13 million in the building.

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.

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