SL Green Sells 1080 Amsterdam in ‘Strategic’ Portfolio Consolidation
By Mark Hallum December 6, 2021 2:28 pm
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SL Green Realty Corp. is cashing in on its leasehold interest in the mixed-use building at 1080 Amsterdam Avenue for $42.5 million, Commercial Observer has learned.
The deal with joint venture partner Stonehenge is expected to close this month. SL Green (SLG) said Monday that it would realize a $15 million profit on the 82,250-square-foot, 20-story pre-war elevator building located at 113th Street, just south of Columbia University’s campus.
“The sale of 1080 Amsterdam continues our efforts to consolidate our portfolio into prime, core assets,” Harrison Sitomer, a senior vice president at SL Green, said. “As New York City’s residential market rebounds, we are pleased to be able to capitalize on this investment via a strategic disposition.”
Comprising 96 apartments and two commercial units, the building recently underwent major renovations, according to SL Green, which did not disclose the buyer of the property.
Marc Sznajderman, Andrew Sasson, Chad Sinsheimer and Justin Bomba from Ackman-Ziff advised SL Green in the sale.
The trade is part of a handful of new deals involving SL Green including 110 East 42nd Street.
The sale of 110 East 42nd Street, a 19-story, 205,000-square-foot building, for an estimated $117 million to Meadow Partners means the address will change hands for the third time since 2007.
The real estate trust also announced that it agreed to lease an additional 191,000 square feet of space to Bloomberg LP on top of the 748,415 square feet already leased by the media company at 919 Third Avenue, the Commercial Observer reported earlier Monday.
Two other new leases inked by SL Green include 19,522 square feet at One Vanderbilt with Flexpoint Ford, a private equity firm, covering a portion of the 61st floor; and a 6,554-square-foot expansion with Stone Point Capital on the 50th floor of the same tower.
Mark Hallum can be reached at mhallum@commercialobserver.com.
