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Development opportunity knocking: SL Green.

SL Green has bought the adjacent parcels 19-21 East 65th Street and 752 Madison Avenue for $282.4 million, according to city records.

A partnership between SL Green, Stonehenge Partners and Jeff Sutton had previously acquired the ground lease for the building from David Frankel.

The latest purchase should give the office REIT the opportunity to redevelop the site.

SL Green bought the site from a company called Weatherly 65th Street. The Real Deal, which broke the news, wrote that the seller was represented by a Massey Knakal team including CEO Paul Massey and Guthrie Garvin, Michael Gembecki and Tyler Hughes.

The sale was filed in public records on July 21, days before the firm announced agreements to sell three Manhattan properties for a combined $656 million with a net cash gain of $240 million.

The largest slated transaction of the bunch, the dealing of the leased fee interest to 2 Herald Square, will account for $365 million when the deal closes in the final quarter of this year.

SL Green also announced it plans to finalize the sale of 180 Broadway for $222.5 million with their partner on the venture, Jeff Sutton, during the third quarter.

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Title Annotation:SELLING POINTS
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1U2NY
Date:Aug 13, 2014
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