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SL Green Sells Stake in Midtown Resi Building

NEW YORK CITY—The REIT, and the city’s largest commercial property landlord, sold a minority—but large—portion of the East 57th street property in a transaction that also included a recapitalization.

400 e. 57th st SL Green has sold a 49% ownership interest in 400 E. 57th St. to an investment account managed by BlackRock.

NEW YORK CITY—SL Green Realty Corp. and BlackRock Real Assets—the real assets arm of BlackRock—have formed of a joint venture for the ownership of 400 E. 57th St., a rental apartment property in Midtown. The transaction constitutes a sale by SL Green of a 49% ownership interest in the entity to an investment account managed by BlackRock at a gross asset valuation of $170 million.

In conjunction with the recapitalization of the property, New York Community Bank provided a 10-year $100 million mortgage loan at a 3% fixed interest rate. Andrew Scandalios and Rob Hinckley of HFF represented SL Green on the transaction.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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