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SL Green sells two Manhattan properties for $649m

by Andrea Waitrovich

SL Green Realty Corp. has sold two Manhattan properties with an aggregate value of $649 million. SL Green sold the leased fee interest in 885 Third Avenue for a gross sale price of $453 million and to sell the recently-completed Pace University dormitory tower at 33 Beekman Street for a gross sale price of $196 million, which SL Green owns the property in a joint venture. SL Green acquired the leased fee interest in 885 Third Avenue in a joint venture in 2007 at a gross asset valuation of $317 million and subsequently fully consolidated its position in 2010 at a gross asset valuation of $352 million. As part of the transaction, SL Green will retain a preferred equity position. And SL Green and the Naftali Group jointly developed 33 Beekman. It houses 772 dormitory beds, and features a public plaza and ground floor retail and amenity space used by the university. It follows SL Green’s development of a 609-bed dormitory and retail project at 180 B

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