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$815M Deal for Daily News Building Falls Through

SL Green Realty Corp. said its $815-million deal to sell the former Daily News building at 220 E. 42nd St. has fallen through. The deal to sell the office tower to Jacob Chetrit was first announced last October.

The REIT said the deal won’t move forward at this time, due to the buyer’s inability to close the transaction. The company has taken action to collect the $35-million contract deposit.

While other sale or financing options are being considered, SL Green said the tower, also known as The News Building, remains a high-quality asset within its unencumbered portfolio. Currently, it’s 97% leased.

A portion of the net cash proceeds from the sale of 220 E. 42nd was expected to be used for SL Green’s share repurchase program. Because the sale isn’t closing, the company will temporarily curtail share repurchases, but may resume them “under appropriate market conditions.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).