SL Green Looking to Sell Two Manhattan Buildings for Combined $300M

SL Green Realty has lined up to sell two of its Manhattan buildings.

The landlord is marketing its buildings at 110 Greene Street in SoHo and 690 Madison Avenue in Lenox Hill for a combined roughly $300 million, according to a source with knowledge of the matter.

SL Green was trying to unload the 13-story 110 Greene Street — an office building which is currently home to a Balenciaga store on the ground floor — as early as 2020 for an anticipated $250 to $300 million, as Commercial Observer previously reported.

Meanwhile, Jeff Sutton’s Wharton Properties picked up a piece of the five-story retail building at 690 Madison Avenue — where luxury jewelry brand Van Cleef & Arpels is a tenant — for $34 million in December, as CO reported. The deal gave Sutton a 50 percent stake in the property, which SL Green bought from Ashkenazy Acquisition in 2021 for $74 million.

Now, SL Green is bundling the two properties as a portfolio and hoping to get around $300 million for the pair, the source said.

Eastdil Secured’s Gary Phillips and Will Silverman are marketing the portfolio sale.

A spokesperson for Eastdil declined to comment, while spokespeople for SL Green and Wharton did not immediately respond to requests for comment. Bloomberg first reported the news.

News of the potential sales comes as more and more Manhattan office buildings are trading hands.

Scott Rechler’s RXR agreed to buy the 41-story office building at 590 Madison Avenue from the State Teachers Retirement System of Ohio (STRS Ohio) last month for nearly $1.1 billion. Plus, Blackstone picked up a 49 percent stake in 1345 Avenue of the Americas, Tishman Speyer bought 148 Lafayette Street for $105.5 million, and Brookfield is closing in on a preferred equity investment in 63 Madison Avenue.

Isabelle Durso can be reached at idurso@commercialobserver.com.