SL Green Sells 50 W. 23rd St. to Moinian for $66M

NEW YORK CITY-Joe Moinian is under contract to purchase 50 W. 23rd St., a 13-story office building located between Fifth Avenue and Avenue of the Americas, from SL Green Realty Group for $66 million or $198 per sf. Moinian made it to the contract stage after two offers for the property fell through and another bidder dropped out. The papers were signed Friday.

Insignia/ESG executive managing directors Richard Baxter and Ron Cohen represented SL Green in the transaction. I/ESG began marketing the property in July, 2002, and Moinian wanted in from the start, Baxter tells GlobeSt.com. “Mr. Moinian’s interest was there from day one of the marketing,” Baxter says. “We had a couple of transactions at higher prices that fell out during contractions. Moinian stepped up and persevered. He signed a hard contract with a deposit last week.”