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SL Green Trades Midtown’s News Building for $815M
SL Green Realty Corp. has entered into a contract to sell the News Building at 220 E. 42nd St. for $815 million, or approximately $715-per-square-foot. The REIT didn’t disclose the buyer of the Art Deco Midtown skyscraper.
Originally the headquarters for the New York Daily News, 220 E. 42nd came into the SL Green portfolio in 2003. SL Green purchased the property for $265 million, then commenced a multi-year repositioning and re-tenanting of the property. At 97% occupancy, the tower currently has the highest NOI since SL Green acquired it.
“The sale of the historic News Building demonstrates the continued demand, both international and domestic, for large, fully-stabilized assets in East Midtown, Manhattan’s preeminent business district,” said Isaac Zion, SL Green’s CIO.
Adam Spies and Doug Harmon of Cushman & Wakefield, along with Robert Verrone of Iron Hound Management, facilitated the transaction.
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