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SL Green Under Contract for Sale of UES Properties

SL Green is under contract to sell its fee interest in 1231 Third Ave. and an Upper East Side Assemblage of four properties on East 72nd Street and 31,076 square feet of development rights, for a combined price of $143.8 million. The buyer was not disclosed.

SL Green took possession of 1231 Third from Thor Equities this past July, when the REIT’s mezzanine debt investment was converted to equity. The mixed-use property includes 20 residential units and 16,418 square feet of retail.

“The sale of 1231 Third highlights the strength of our debt and preferred equity platform, where we were able to take possession of a property at an attractive valuation and quickly execute a sale at a price that exceeds our basis,” said SL Green’s Brett Herschenfeld. “The sale of the Upper East Side Assemblage allows us to redeploy capital to other pending development projects,” along with stock repurchases.

Don’t miss Connect National Investment & Finance on Oct. 18 to hear what industry leaders and major stakeholders have to say about the state of the market and what’s next in this current cycle. Click here to register.


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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 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).

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