Hodges Ward Elliott (HWE) finalized the sale of SL Green Realty Corp.’s 25% interest in its commercial condominium units at 55 W. 46th St., a Midtown Manhattan office tower also known as Tower 46. A Brookfield Asset Management real estate fund is the purchaser at a gross valuation of $275 million.
An HWE team of managing directors Paul Gillen, Anthony Ledesma, and Daniel Parker, and SVP Kyle van Buitenen represented SL Green in the transaction.
“Despite COVID-related challenges, we were able to run a thorough process which resulted in a sale with a strong buyer and price,” said Gillen. “It is clear there remains an abundance of liquidity for quality New York City office product.”
SL Green first acquired the commercial condo units at Tower 46, consisting of office floors 2, 22-34, a retail store on 46th Street and the building’s parking garage and fitness center, in 2014.
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 GlobeSt.com 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).