City records confirm real estate powerhouse SL Green Realty’s acquisition of a six-story retail, office and residential building at 131-137 Spring Street for $122.3 million late last year.
The acquisition of the prime retail location, adjacent to Chanel‘s Soho Flagship store, capped off what company executives lauded as a stellar fourth quarter given the economic uncertainty that permeated the industry in 2012.
“It was an excellent, excellent quarter as a standalone, and particularly in light of the headwinds,” SL Green CEO Marc Holliday said during the firm’s fourth quarter earnings call, referring specifically to the impacts of Hurricane Sandy, the uncertain election and the fiscal cliff crisis.
Massey Knakal Realty Services has secured the 99-year lease at 1080 Amsterdam Avenue (aka 501 West 113th Street), where The Commercial Observer reported in August that a partnership between SL Green Realty Corp. and Stonehenge Partners would create a luxury residential building.
The property is located on the northwest corner of Amsterdam Avenue and West 113th Street, in the heart of Morningside Heights.
Tales of Investments
SL Green Realty Corp. is teaming up with Stonehenge Partners to redevelop a former residence for St. Luke’s Hospital Center staff into luxury apartments. The building, at 1080 Amsterdam Avenue, will be obtained by the two, via a 99-year ground lease, and then redeveloped. Total cost of the investment is estimated to be $13 million.