SL Green Takes Over 205,000-SF N.Y. Office Condo
- May 17, 2011
May 17, 2011
By Allison Landa, News Editor
SL Green Realty Corp. has acquired a major ownership in a New York office condominium. The 205,000-square-foot property, which is located at 110 E. 42nd St. near Grand Central Terminal, adjoins 125 Park Ave., another asset recently acquired by the firm.
According to SL Green president Andrew Mathias, the property is located in one of the city’s major commercial locations – one, Mathias said, that the firm knows well. He expressed confidence in SL Green’s ability to maximize revenue going forward.
The transaction marks a regaining of space that had been sold at the top of the market to Gotham Realty. In 2007, SL Green arranged a senior mezzanine loan as part of the sale of the condominium – and in the most recent transaction, restructured the in-place mortgage financing, which had previously been in default.
SL Green focuses primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of the end of the first quarter of 2011, the firm owned interests in 43 Manhattan properties totaling more than 29.7 million square feet.