1414 Ave. of the Americas Trades for Close to $61M

NEW YORK CITY-Ken Aschendorf and Berndt Perl of APF Properties LLC acquire 1414 Ave. of the Americas from SL Green Realty Corp. for $60.5 million. The building, which has 121,321 of rentable sf and is home to Keds Corp., HWH Enterprises, Royce Associates, Deer Stags and 4 Kids Entertainment, traded for approximately $500 per sf.

Andrew Mathias, chief investment officer for SL Green notes that the sale is a continuation of the firm’s strategy of “recycling capital through recurring sales into accretive investments with enhanced revenue generating opportunities.” The sale will be effectuated through a reverse 1031 exchange with 625 Madison Ave., which will result in substantially all of the taxable gain on sale being deferred,” SL Green officials note. The REIT expects to recognize a gain of approximately $35 million. Last October, SL Green acquired a 100%, 50-year leasehold interest in the 558,000-sf 625 Madison for $231.5 million.