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$416M Stonehenge Deal Brings SLG To 'Whole New Level'

NEW YORK CITY-The joint venture has eight retail and multifamily properties under contract, in prime locations around Madison and Fifth avenues. The residential portion of the buildings will be managed by Stonehenge after repositioning.

By Carl Gaines | Updated on October 03, 2011

NEW YORK CITY-SL Green Realty Corp. has formed a joint venture with Stonehenge Partners to acquire eight retail and multifamily properties for $416 million. Stonehenge, which already owns and manages 2,560 apartment units in New York, will manage the residential portion of the properties.

The properties under contact in the joint venture are 724 Fifth Ave., 752 Madison Ave., 19-21 E. 65th St., 762 Madison Ave., 44 W. 55th St., 400 E. 57th St. and 400 E. 58th St. According to the David Frankel Realty website, the company owns the buildings being purchased.

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