**SL Green Enters Contract to Acquire Prime Midtown East Development Site for $160M**
SL Green Realty Corp. announced on Tuesday that it has entered into a contract to acquire 346 Madison Avenue—the former Brooks Brothers flagship store—and the adjacent property at 11 East 44th Street for a total purchase price of $160 million. The transaction is expected to close in the fourth quarter of 2025.
The two contiguous buildings, located in the heart of Midtown East, present a significant opportunity for redevelopment. SL Green plans to create a new Class A office tower on the site, which together can support approximately 800,000 rentable square feet of office space.
“These assets are in an exceptional location just steps from One Vanderbilt,” said Harrison Sitomer, Chief Investment Officer at SL Green. “As we continue to prioritize well-located opportunities in our core sub-markets, these properties provide us the opportunity to pursue a world-class, ground-up new office development in the heart of the strongest office market in the country.”
JLL’s Drew Isaacson and David Giancola represented the sellers in the transaction.
*Photo courtesy of JLL.*
