News

The SL Green portfolio is in a state of transformation, as the New York-based real estate investment trust sells off static assets to identify opportunities for reinvestment within the portfolio.

Tribeca Investment welcomed the opportunity to partner with PGIM and Meadow to bring new large blocks of space to the market that has seen a lot of demand from technology and finance companies.

The clean-up projects will facilitate the adaptive reuse of the properties for future use as parks, and business and residential properties.

Revenue for the 2019 third quarter surpassed the $213.5 million in third quarter 2018, and operating income for the quarter totaled $27.3 million versus $21.5 million in the prior year third quarter.

The portfolio totals 2,800 market-rate units. More than 1,800 of the units are slated to become rent-regulated in the long-term.

Gavin Newsom recently signed into law a bill to create a state historic tax credit of 20% of qualified rehabilitation expenditures, with an increase to 25% of QREs that meet certain criteria, i.e. affordable housing.

"Demand has kicked in throughout the Greater Philadelphia Metro, which includes Philadelphia proper as well as South Jersey and the city's northern and western suburbs," says Gebroe-Hammer executive managing director Joseph Brecher.

The 11-property portfolio consists of class-A communities located in Florida, Georgia and Nevada.