Sales Beat

SL Green Agrees to Acquire West Side Mixed-Use Property for $386M

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SL Green Realty Corp. has agreed to acquire The Olivia, a mixed-use residential and commercial property, from Stonehenge Partners for $386 million, the company announced today. The acquisition also includes a lot adjacent to the property.

“We see this acquisition as a great opportunity to expand our multifamily investment platform at a time when the New York City residential market is strong,” said Andrew Mathias, president, in a prepared statement. “The property is located in a neighborhood that is expected to absorb thousands of new jobs during the next decade. With those new jobs, the local demand for luxury housing also is expected to climb sharply.” Read More

Sales Beat

SL Green $122 M. Retail Purchase Highlights Metered Q4 Growth

131-137 Spring Street

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. Read More

Lease Beat

Massey Knakal Arranges 99-Year Lease at 1080 Amsterdam Avenue

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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. Read More