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SL Green Sells Midtown Office Condo

NEW YORK CITY—The city's largest office landlord sold the property at an asset value more than double what it paid for the asset.

By Rayna Katz | Updated on October 05, 2015

NEW YORK CITY—SL Green Realty Corp. has sold its interest in the commercial condominium at 315 W. 36th St. at an asset valuation of $115 million, or $779 per square foot. Woody Heller of Savills Studley advised the REIT on this transaction. SL Green, the city’s largest commercial property owner, acquired its interest in the property in late 2012 at a gross asset valuation of $45 million.

The company’s nearly 36% share of the property was purchased by Walter & Samuels chairman David Berley. He first purchased the Garment District building, situated one block from Hudson Yards between Eighth and Ninth Avenues, 40 years ago and remains its main investor.

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