SL Green sells residential building in Manhattan for $62m
SL Green Realty Corp., together with its joint venture partner, has entered into a contract to sell 400 East 58th Street, a 126-unit residential building in the Sutton Place neighborhood of Manhattan, for a gross valuation of $62 million.
The transaction is expected to close during the third quarter of 2020, subject to customary closing conditions, and generate net cash proceeds to SL Green of approximately $20.0 million. SL Green owns a 90 percent interest in the joint venture.
“The sale of 400 East 58th Street is a continuation of the business plan we have successfully executed over the last several years to dispose of non-core assets at attractive market values and re-invest the proceeds into our development projects and our share repurchase program. The transaction further serves to demonstrate the continued demand for New York City real estate assets,” said David Schonbraun, CIO of SL Green.
SL Green acquired the building in 2012 as part of an eight-bui