NEW YORK CITY—SL Green Realty Corp. will increase its retail holdings in the Time Square district here with the off-market acquisition of 719 Seventh Ave.

The locally-based REIT has entered into an agreement to acquire the property for a purchase price of $41.1 million from a partnership that includes Kenneth Rothstein of Denver and Jeffrey Rothstein of Scarsdale, NY, according to the Commercial Observer.

SL Green plans to demolish the existing building at the southeast corner of 48th Street and Seventh Avenue and replace it with a building of up to 28,114 square feet. The site can also house LED signage towers, such as those SL Green has constructed at 1551-1555 Broadway, 1515 Broadway and most recently at 1552-1560 Broadway, the company states in a press announcement.

SL Green Managing Director Brett Herschenfeld says of the pending transaction, “Times Square continues to evolve into a dynamic retail and commercial destination. We have made several timely and well-placed investments in the submarket, and in doing so, have substantially contributed to the area's evolution. We've built flagships for Aeropostale, American Eagle, and Express, while also substantially changing the sights and sounds of the area with cutting edge LED signage at each site. With this acquisition, our participation and impact in the expanding retail district of Times Square continues.”

The acquisition of 719 Seventh Ave. will further increase the size of SL Green's retail property portfolio. Recent SL Green investments include the retail space at 650 Fifth Ave., 121 Greene St., 115 Spring St., and 131-137 Spring St. SL Green says it expects to complete the purchase of 719 Seventh Ave. by the second quarter of this year.