The acquisition is being funded partly by funds from the sale of 1412 Broadway, a reverse 1031 tax-free exchange, and partly by the company's line of credit. The building is being bought at a going-in cash yield of approximately 7.2%.
Commenting on the deal, Stephen L. Green, chairman of SLG, says, "We are purchasing the building at a substantial discount to replacement costs and with a major opportunity to upgrade and re-merchandise the retail space."
Cushman & Wakefield and Williamson, Pickett Gross acted as advisors in the sale. SL Green is a self-managed REIT that specializes in Manhattan office properties.
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