SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, together with its joint venture partner, today announced that it has entered into a contract to sell 400 East 58th Street, a 126-unit residential building in the Sutton Place neighborhood of Manhattan, for a gross valuation of $62.0 million. The transaction is expected to close during the third quarter of 2020, subject to customary closing conditions, and generate net cash proceeds to SL Green of approximately $20.0 million. SL Green owns a 90.0% interest in the joint venture.
"The sale of 400 East 58th Street is a continuation of the business plan we have successfully executed over the last several years to dispose of non-core assets at attractive market values and re-invest the proceeds into our development projects and our share repurchase program. The transaction further serves to demonstrate the continued demand for New York City real estate assets," said David Schonbraun, Chief Investment Officer of SL Green.
SL Green acquired the building in 2012 as part of an eight-building portfolio of retail and multi-family properties. The 16-story property also includes approximately 3,800 square feet of commercial space. The rental units are currently 97.0% occupied.
Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2020, SL Green held interests in 102 buildings totaling 49.4 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 19.6 million square feet securing debt and preferred equity investments.
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Chief Financial Officer