Transactions - MAY 19, 2015

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UPDATED: Two NYC properties to sell for $2.9b

by Andrea Waitrovich

In separate deals, two properties in Manhattan are under contract to be sold with a total sales price of $2.9 billion.

The larger and higher-priced asset is the 2.2 million-square-foot office property located at 11 Madison Ave. in the Flatiron District of Manhattan. The sales price was $2.285 billion for the Art Deco skyscraper. Saphir Organization and CIM Group are selling the trophy tower to SL Green Realty Corp.

The other transaction was the sale of the retail space on the first through third floors of the Times Tower to Kushner Cos. for $295.8 million. The sellers were Five Mile Capital and Africa Israel Group. Tenants include Discovery Times Square, Bowlmor, Haru Times Square, Guitar Center and Guy’s American Kitchen & Bar.

SL Green’s acquisition of 11 Madison Ave. will be one of the biggest real estate sales in the city’s history. Mega-deals in New York City have been making headlines as domestic and international investors

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