SL Green Realty Corp. has successfully completed the sale of three properties in Manhattan and Rockland County, generating a total of $691.4 million in sales proceeds. The sold properties include 625 Madison Ave., 719 Seventh Ave., and the Palisades Premier Conference Center.
The largest transaction was for the fee ownership interest in 625 Madison, which was sold for a gross price of $634.6 million by SL Green and its joint venture partner to Related Cos. This Plaza District office property was acquired by SL Green through a foreclosure sale in August 2023.
In addition to this, SL Green also closed on two other sales – one for $30.5 million at retail property near Times Square (719 Seventh Ave.) and another for $26.3 million at Palisades Premier Conference Center located north of New York City.
According to Brett Herschenfeld, EVP of Retail & Opportunistic Investments at SL Green Realty Corp., these strategic transactions mark significant progress towards achieving their ambitious business goals for 2024 amidst an improving market environment during the second half of this year.
This news update on Connect CRE highlights how SLGreen has successfully closed on multiple high-value real estate deals worth over half-a-billion dollars within Manhattan’s prime locations as well as Rockland County – showcasing their strong expertise and dominance within this competitive market segment.
