New York City-based SL Green Realty Corp. revealed that it has entered into a contract to sell substantially all of its ownership interest in 724 Fifth Ave. to its joint venture partner, Jeff Sutton. In addition, SL Green will be redeemed on its investment in 720 Fifth Ave., and partially repaid on another partnership loan.
According to a prepared statement, SL Green expects to receive net proceeds of approximately $85.5 million from the transactions. The transactions are expected to close in the third quarter of 2018, subject to customary closing conditions.
“These transactions are emblematic of our continued efforts to increase shareholder value by capitalizing on strategic acquisitions and dispositions. We are pleased to have owned these assets in another successful partnership with Jeff Sutton,” says Andrew Mathias, President of SL Green.
The boutique office and gallery building at 724 Fifth Avenue is home to Prada’s flagship location, which occupies 15,540 square feet of retail space across four floors and another 5,200 square feet of office space on an additional floor.
720 Fifth Avenue is a 132,317-square-foot building. The property is home to the Abercrombie & Fitch flagship location.
In other SL Green news, as The REIT Wire recently reported, SL Green Realty Corp. recently reached an agreement to sell the fee interest at 635 Madison Ave. for a sales price of $151 million. The transaction is expected to be completed during the third quarter of 2018.