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SL Green, Kushner Sell Gowanus, Brooklyn Site

SL Green Realty plans to use proceeds for its stock repurchase program.

175-225 Third St., Gowanus 175-225 Third St., Gowanus, Brooklyn

NEW YORK CITY—SL Green Realty’s joint venture with Kushner Cos. and LIVWKR is selling a three-acre development site at 175-225 Third St. in Gowanus, Brooklyn to RFR Realty. The gross asset valuation of the 140,000 square-foot property is $115 million. Crain’s has reported the sale price is rumored to be $120 million.

SL Green owns 95% of the joint venture, which purchased the site in 2014 for $72.5 million. The RFR Realty transaction is expected to close by the end of March, and will generate net proceeds to SL Green of $70 million.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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