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New York & Tri-State  + Midtown New York  + Apartments  | 

SL Green Agrees to Sell Stonehenge 58

SL Green Realty Corp. and its joint venture partner are in contract to sell 400 E. 58th St., a 126-unit residential building in Midtown East’s Sutton Place neighborhood, for $62 million. The REIT owns a 90.0% interest in the JV.
 
“The sale of 400 E. 58th 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,” said CIO David Schonbraun.
 
SL Green acquired the building in 2012 as part of an eight-building retail and multifamily portfolio. Known as Stonehenge 58, the 16-story property also includes approximately 3,800 square feet of retail. The rental units are 97% occupied.
 
Ackman-Ziff Real Estate Group’s Simon Ziff and Marc Sznajderman represented SL Green in the transaction. The sale is expected to close in the third quarter.

 

For comments, questions or concerns, please contact Paul Bubny

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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 16-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 7-10 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).

  • ◦Sale/Acquisition
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