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For $91M, Berkeley Building Comes Under SL Green's Control

NEW YORK CITY-SL Green gains majority ownership and control in 19 West 44th St. by purchasing an interest from its partner for $91.2 million. The REIT acquired the property in March 2004 for $67 million.

By Barbara Jarvie | Updated on June 07, 2005

NEW YORK CITY-SL Green Realty Corp. acquired an interest in 19 West 44th St. for $91.2 million, or approximately $314 per sf, from its partner the City Investment Fund. The transaction gives the REIT majority ownership and control of the asset, which is also known as the Berkeley Building.

In March 2004, the joint venture acquired the 292,000-sf office for $67 million from EBS Forty Fourth Property Associates LLC. At that time Andrew Mathias, SL Green’s chief investment officer, said the firm was attracted to the site located between Fifth Avenue and Avenue of the Americas because they had previously owned property on the same street and were aware of its potential. “It’s a unique block,” he told GlobeSt.com. “With the university clubs and the Royalton, it’s more like an avenue than a side street.”

The company does like the block because in February it acquired 28 West 44th St., located across the street. Both properties are within two blocks of Grand Central Station and company officials feel the acquisitions enhance its “dominant presence” in the Grand Central submarket with 14 properties totaling more than seven million sf.

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