SL Green Reports Q4 Earnings With Strong NYC Economic Outlook
By Mark Hallum January 29, 2026 3:24 pm
reprints
SL Green Realty’s Marc Holliday began the real estate investment trust (REIT)’s fourth-quarter earnings call on Thursday with speculation that New York City’s fiscal strength is uncertain, especially as Mayor Zohran Mamdani gets settled in at Gracie Mansion.
But with 2025 being a strong year for the company in terms of leasing and investment opportunities, Holliday said prospects are good for 2026 as investors continue to express interest in the New York City office market (SL Green is the biggest owner in that market).
“We are about a month into the Mamdani administration and know there is a lot of pressure and focus on the mayor right out of the gate, but it’s going to take some time for the mayor to put an imprint on how he’ll govern,” said Holliday, SL Green’s chairman and CEO. “At the same time, there’s a lot of political maneuvering going on as we enter budget season in Albany. This is the time of the year when the city makes its case to get the biggest piece of the state budget for the fiscal year reflecting the city’s enormous contribution to the state economy.”
In the fourth quarter of 2025 alone, SL Green signed 56 office leases in Manhattan spanning 766,783 square feet, in comparison to the 52 leases totaling 657,942 square feet in the third quarter and the 48 leases across 1.7 million square feet in the fourth quarter of 2024.
Funds from operations (FFO) in the fourth quarter of 2025 were the same as at the end of 2024 at $131.9 million, compared to $120.4 million in the third quarter of 2025, according to the REIT.
Total revenue for SL Green in the fourth quarter was $276.4 million, a steady increase from the $245.8 million recorded in the last three months of 2024. Overall, the REIT saw a net loss in the fourth quarter of 2025 of $104.6 million, in contrast to the same period in 2024, when income was calculated at $9.4 million, SL Green said.
In the third quarter of 2025, SL Green was rejected in its bid for a Times Square casino at 1515 Broadway, which it had planned with Caesars Entertainment and Roc Nation. The project cost the REIT about $13.9 million in transaction fees and $57.2 million in “discounted debt extinguishment,” among other costs amounting to about $85 million in losses.
Mark Hallum can be reached at mhallum@commercialobserver.com.
