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.

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