SL Green Realty Corp. announced it has closed on the sale of three properties totaling $691.4 million, including 625 Madison Ave., 719 Seventh Ave. and the Palisades Premier Conference Center, which generated net proceeds to the company of $222.7 million that was used for corporate debt repayment.
625 Madison Ave.: Together with its joint venture partner, the company closed on the sale of the fee ownership interest in 625 Madison Ave. for a gross sales price of $634.6 million plus certain fees payable to the company. In connection with the sale, the company, together with its joint venture partner, originated a $235.5 million preferred equity investment in the property. The transaction generated net proceeds to the company of $199.3 million.
719 Seventh Ave.: The company closed on the sale of 719 Seventh Ave. in Times Square for $30.5 million plus certain fees payable to the company. In connection with the closing of the sale, the company repaid the existing $5