[IMGCAP(1)]NEW YORK CITY-Wachovia Corp. has reportedly agreed to sell 1372 Broadway for less than what it paid last year to become the property’s majority stakeholder. Wachovia, owner of an 85% percent stake in the building, and minority shareholder SL Green Realty Corp., are trading the 21-story property for $294 million, or around $542 per sf. The buyer is said to be a joint venture led by Lloyd Goldman, a local investor.

A Wachovia spokesperson tells GlobeSt.com that it is the company’s policy not to comment on transactions and an SL Green spokesperson tells GlobeSt.com that they are not commenting at this time. An anonymous source did confirm to GlobeSt.com that “it is happening,” referring to the sale.

[IMGCAP(2)]Hugh Finnegan, an attorney in the real estate group at Sullivan & Worcester LLP, who is not involved in building sale, tells GlobeSt.com that this deal is to generate capital. He explains that deals such as these will be a market trend because “financial institutions are looking for ways to improve their balance sheets.”

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