SL Green Realty Corp. sells stake in NYC condominium valued at $275m

SL Green Realty Corp. has entered into a contract to sell its 25 percent interest in the commercial condominium units located at 55 W. 46th St., also known as Tower 46, for a gross valuation of $275 million, or $793 per square foot, to a Brookfield Asset Management real estate fund. The transaction is expected to close during first quarter 2021.

“The sale of our interest in Tower 46 is another step in our strategy to divest of noncore assets and accretively reinvest the capital into our share repurchase program,” said David Schonbraun, CIO of SL Green. “The transaction also serves to further demonstrate the resiliency of the Manhattan office market and the continued demand by institutional investors for well-located, class A real estate assets in Midtown.”

In 2014, SL Green acquired the commercial condominium units at the property, consisting of office floors 2 and 22–34, a retail store on 46th Street, and the building's parking garage and fitness center.