SL Green Realty Corp. has successfully modified and extended its $742.8-million mortgage on 1515 Broadway in Midtown Manhattan, with the new maturity date set for March 2028 and a fixed interest rate of 3.93%.
According to Brett Herschenfeld, EVP for retail and opportunistic investments at SL Green, this extension is part of their strategy to extend their debt maturity profile while taking advantage of the strong Midtown Manhattan office market. He also stated that this move will provide them with more time and flexibility as they pursue their plans to bring world-class entertainment to Times Square through Caesars Palace Times Square.
The building, located between 44th and 45th streets, is fully leased by Viacom and houses the Minskoff Theatre. Together with partners Caesars Entertainment and Roc Nation, SL Green has submitted a proposal to convert the property into a gaming facility in hopes of securing one of three gaming licenses expected to be awarded in downstate New York by 2025.
This latest development showcases SL Green’s commitment towards strategic financial planning as well as its confidence in both the strength of its portfolio assets such as Viacom-occupied properties like Minskoff Theatre on Broadway Avenue – which are highly sought after due not only because they offer prime locations but also because they have been able maintain high occupancy rates despite economic downturns – along side other factors such timing when it comes making decisions about future developments or acquisitions where there may be opportunities arise from changes within markets conditions over time without compromising long term goals set forth company’s management team.
