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New York & Tri-State  + Midtown New York  + Office  |  July 18, 2024
Paul Bubny
By: Paul Bubny

SL Green Closes on $691M of Office, Retail Sales

SL Green Realty Corp. said it closed on the sale of three properties in Manhattan and Rockland County totaling $691.4 million, including 625 Madison Ave., 719 Seventh Ave. and the Palisades Premier Conference Center. The three sales generated net proceeds to SL Green of $222.7 million, which the REIT used for corporate debt repayment.

By far the largest of the three transactions was the sale by SL Green and its joint venture partner of the fee ownership interest in 625 Madison for a gross sale price of $634.6 million. The buyer of the Plaza District office property was reported as Related Cos. when the sale was announced last December. SL Green took full control of 625 Madison in an August 2023 foreclosure sale.

The company also closed on the $30.5-million sale of 719 Seventh Ave., a retail property near Times Square, and the $26.3-million sale of the Palisades Premier Conference Center in Palisades, NY, north of New York City.

“As we enter the second half of the year with an improving market backdrop, we have made meaningful progress in achieving our ambitious business goals for 2024, as evidenced by the execution of these strategic transactions,” said Brett Herschenfeld, EVP, retail & opportunistic Investments.

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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).
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