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SL Green Exits Kushner JV with Gowanus Sale
Office and retail REIT SL Green Realty Corp. is exiting its only joint venture with Kushner Cos., selling a development parcel in Brooklyn’s Gowanus neighborhood for $115 million. SL Green didn’t disclose the buyer; Crain’s New York Business reported it as RFR Realty.
The 140,000-square-foot site at 175-225 Third St. in Gowanus, an area that’s about to be rezoned, traded to the JV for $72.5 million in 2014. SL Green owned 95% of the venture.
A Cushman & Wakefield team including Adam Spies, Doug Harmon and Kevin Donner represented the sellers. Proceeds from the sale are expected to go toward SL Green’s stock repurchase program, which it expanded last December to $1.5 billion.
Connect Media reported last week that another major New York REIT, Vornado Realty Trust, was in discussions with Kushner Cos. to sell Vornado’s 49.5% stake in 666 Fifth Ave. back to Kushner.
- ◦Development
- ◦Sale/Acquisition
