SL Green Realty Corp. has entered into a contract to sell its 20 percent interest in 605 West 42nd Street, also known as “Sky,” for a gross valuation of $858.1 million and, separately, entered into a contract to sell its interests in 400 East 57th Street for a gross valuation of $133.5 million.
Sky, a 71-story, 948,000-square-foot luxury multifamily tower, is 90 percent occupied and includes 295 units of dedicated affordable housing and 68,000 square feet of retail space. The company acquired its 20 percent interest in 2016 pursuant to a previous mezzanine loan on the property. The transaction is expected to generate net cash proceeds to SL Green of approximately $53 million.
400 East 57th Street, a 211,000-square-foot multifamily property, is 70 percent occupied and includes 263 residential units and approximately 10,000 square feet of retail space leased to essential service providers. The transaction is expected to generate net cash proce
