SL Green Sells 110 East 42nd Street for $117M
SL Green Realty Corp. is unloading its office building at 110 East 42nd Street for an estimated $117 million, the company announced Monday.
More specifically, SL Green sold the ownership interest in the office and garage condominiums to Meadow Partners, “which is acquiring the property on behalf of a separately managed account,” per the press release. The transaction will close by the end of 2021, and the proceeds will be used for SL Green’s share repurchase program.
This isn’t the first time SL Green has sold the office portion of the building across from Grand Central Terminal. It sold the office condo in 2007, and then assumed control of it again in 2011. It acquired the garage condo in 2013.
The 19-story, 205,000-square-foot building—also known as the Bowery Savings Bank building—was constructed in 1923 and designed by architects York & Sawyer. Cipriani has occupied the ground-floor retail space—a former bank branch—since 1999, and tenants in the building include Princeton Review, Newmark and First American Title.
Harrison Sitomer, a senior vice president at SL Green, said in a statement that “completion of this transaction at an attractive cap rate represents another successful execution in our ongoing strategy to divest of non-core assets and accretively reinvest the capital into our deeply discounted stock.”
Rebecca Baird-Remba can be reached at firstname.lastname@example.org.