SL Green has agreed to acquire 719 Seventh Avenue for $41.1 million, the real estate investment trust announced today.
The Times Square-area property is located on the southeast corner of 48th Street and Seventh Avenue and can accommodate a building of up to 28,114 square feet, as well as LED signage. The buyer intends to demolish the existing building and utilize the site’s development rights, according to a press release announcing the deal.
First it was the hipsters. Then it was China. And now the city’s largest office landlord, SL Green Realty Corp., is finally seeing promise in the residential development of Williamsburg, Brooklyn.
The real estate investment trust and commercial real estate giant announced this morning that it has agreed to purchase a newly completed, vacant residential building in the hip-turned-posh Brooklyn neighborhood — the company’s first foray into Brooklyn’s residential market.
Information in a prepared statement sent by the company suggests that the address is 250 Bedford Avenue, though it was not specified.