SL Green Partners on Two Retail Deals Topping $162M

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW YORK CITY-Continuing its quest for high-end retail properties, SL Green has entered into two separate joint ventures with Jeff Sutton, a borrower in the firm’s structured-finance program, totaling approximately $162.5 million. The first venture involves two adjoining retail buildings, 1551 and 1555 Broadway, and a retail and commercial building at 21 W. 34th St. The second venture involves a mixed-use property at 141 Fifth Ave.

The deals are a “significant expansion of our high-end retail” initiative, according to SL Green’s chief investment officer Andrew Mathias. “We see retail as an area we want to continue to expand,” said Mathias during the firm’s second-quarter earnings call. SL Green sees strong rental potential in the sector and will also continue to explore additional joint ventures with Sutton, he added.