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NEW YORK CITY-SL Green Realty Corp. has recapitalized 1250 Broadway due to the property's jump in value. In 2001, when SL Green and SITQ, a subsidiary of the Caisse de depot et placement du Québec, formed a joint venture, the property was valued at $126.5 million. Now, the class A building, which sits on Broadway at 31 Street, is worth $260 million, according to the company's release.
It is estimated that SL Green's economic stake at 1250 Broadway increased from 55% to 67.5%.
Marc Holliday, president and CEO of SL Green says, in the release, "At 1250 Broadway, a targeted renovation program and intensive leasing campaign allowed the partnership to create substantial embedded value in the asset." The building was recently renovated to add a new lobby, windows, outdoor plaza and elevator cabs.
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