New York & Tri-State + Apartments | April 23, 2021

Moinian Group Will Take Full Ownership of Sky Resi Tower

The Moinian Group has agreed to acquire the final remaining 20% ownership in Sky, its 71-story residential tower at 605 W. 42nd St. It previously sold the minority interest in the project to SL Green Realty Corp., which in a separate deal announcement said the property had a gross valuation of $858.1 million.

“The Moinian Group has had a long and prosperous relationship with SL Green and the reacquisition of Sky’s remaining interest has only enhanced our collaborations,” said Moinian Group CEO Joseph Moinian. “We have immense respect for SL Green and look forward to working with them on many other transactions in the years to come.”

Separately from selling its interest in Sky, SL Green agreed to sell its interests in 400 E. 57th St. for a gross valuation of $133.5 million. Eastdil Secured represented SL Green on Sky, while Ackman-Ziff represented the REIT on 400 E. 57th.

Connect

Inside The Story

Connect With Moinian Group

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 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).