SL Green Realty has sold a vacant office condominium at 609 Fifth Ave. for $100.5 million. The transaction is expected to close in June of 2022, subject to customary closing conditions. The buyer is a domestic investor, the REIT said.
The condo's sale is "evidence of the continued demand and premium valuation for well-located assets in Midtown East," Chief Investment Officer Harrison Sitomer said in prepared remarks. The sale will also generate "incremental liquidity for reinvestment and debt repayment," he said.
609 Fifth Avenue is located in Manhattan's retail district on the corner of Fifth Avenue and 49th Street. SL Green has repositioned the entire building with a new core and elevators in addition to relocating the office lobby from Fifth Avenue to 49th Street. In May 2020, SL Green sold the retail condominium to an affiliate of the Reuben Brothers for $168 million.
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