1231 Third Ave.
NEW YORK CITY—SL Green Realty Corp. signed a contract to sell 1231 Third Ave., and an assemblage of four properties on E. 72nd Street with 31,076 square feet of development rights for $143.8 million. The REIT declined to disclose the buyer's identity.
SL Green purchased 1231 Third Ave. in July 2018 from Thor Equities, which had taken a mezzanine loan secured by the building. Crain's had reported Thor had acquired the building in 2013 for $52.5 million and had relinquished the building at a costly loss. The property, which is at 71st St. has 20 residential units, currently 100% occupied and 16,418 square feet of retail, with 8,159 square feet at the ground level now leased.
The recently sold Upper East Side buildings are at 260 E. 72nd Street, 252-254 East 72nd St., 257 E. 71st St. and 259 East 71st St.
“The sale of 1231 Third Ave. highlights the strength of our debt and preferred equity platform, where we were able to take possession of a property at an attractive valuation and quickly execute a sale at a price that exceeds our basis,” says Brett Herschenfeld, managing director at SL Green. He also notes that the Upper East Side sales will allow the company to redeploy capital to other pending development projects and to stock repurchases.
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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.
