SL Green partnership sells 180 Mad. Ave. for $92m.A joint venture comprised of SL Green Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. and Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Real Estate Fund III, L.P. has entered into an agreement to sell the fee interest in 180 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. for $92.7 million, or approximately $350 per square foot. The joint venture purchased the asset in December December: see month. 2000 for $41.2 million and expects to recognize a gain of approximately $40 million from the sale. After giving effect to SL Green's incentive fees within the joint venture, the Company is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to 68% of all cash proceeds in excess of debt repayment. 180 Madison Avenue represents the last property to be sold through SL Green's highly successful joint venture with MSREF MSREF Morgan Stanley Real Estate Funds . Formed in 1999, the joint venture completed four acquisitions totaling $150 million. Properties jointly bought and sold have included 90 Broad Street, 469 7th Avenue, 321 West 44th Street and finally 180 Madison Avenue. The partners continue to pursue opportunities through a second joint venture between SL Green and the City Investment Fund, an affiliate of MSREF. Acquisitions under the new joint venture arrangement include 19 West 44th Street and 485 Lexington Avenue. Marc Holliday, President and Chief Executive Officer of SL Green said, "The sale of 180 Madison will allow SL Green to realize significant gains from the final transaction in our highly successful joint venture with Morgan Stanley Real Estate. We look forward to continuing our relationship with Morgan Stanley through the City Investment Fund." Michael Franco, Managing Director and Head of MSREF Domestic, said, "SL Green's track record of successful, profitable transactions and its specific expertise in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office market have been a great complement to our investment strategy. "The success of our joint venture underscores our combined strengths, and we look forward to continuing to invest alongside SL Green going forward." Brian Ezratty and Peter Hauspurg of Eastern Consolidated Properties, Inc. and Douglas Harmon of Eastdil Realty represented the seller in the transaction. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion