SL Green Agrees to Acquire West Side Mixed-Use Property for $386M
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.”
The Olivia, a 36-story, 492,987-square-foot building, is located at 315 West 33rd Street between 8th and 9th Avenues. The property, completed in 2012, includes 333 luxury apartments and commercial space. The building’s 270,000-square-foot retail component is 100 percent leased and includes a 14-screen movie theater and five ground-level retail stores.
“The anticipated substantial increase in pedestrian traffic between Penn Station and Hudson Yards is likely to strengthen that retail corridor, which we believe will significantly enhance the value of this property’s retail component,” Mr. Mathias added.
As reported by The Commercial Observer, a joint partnership between SL Green Realty Corp. and Stonehenge Partners signed a 99-year lease for 1080 Amsterdam Avenue last year with plans to convert the property to a luxury residential building.
The sale of The Olivia was brokered by Darcy Stacom, Bill Shanahan and Paul Leibowitz of CBRE.