New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SL Green Sells Office/Retail Property for $1K/SF
SL Green Realty Corp. said Thursday it had sold 590 Fifth Ave. in Midtown Manhattan for a gross sale price of $103 million, or $1,000 per square foot. The sale occurs about a year after the REIT took control of the property, whose previous owner had defaulted on a mezzanine loan.
“Closing on the sale of 590 Fifth Ave. at a price of $1,000 per square foot demonstrates the continued demand for well-located New York City office and retail properties,” said Harrison Sitomer, SVP of SL Green.
Located between 47th and 48th streets, 590 Fifth is a 19-story, 103,000-square-foot office building with prime retail space at the base. SL Green took ownership of the property in October 2020.
Albert Sultan and Morris Sabbagh of Kassin Sabbagh Realty represented the undisclosed buyer, which Crain’s New York Business identified as the Hematians, the family behind Effy Jewelry.
- ◦Sale/Acquisition

