NEW YORK CITY-A 16-story, 254,573-sf office tower at 1370 Broadway is being purchased by SL Green Realty Corp. Located across the street from 1372 Broadway, another SLG Green property, this purchase brings the firm’s midtown Manhattan holdings to almost 800,00 sf. Space at the building now rents at about $25.75 per sf, approximately 38% below the market.

The company is also selling 17 Battery Place South, a condo unit in the Financial District.

The Broadway property is being bought from Angelo Gordon & Co. for $50.7 million. SL Green, a real estate investment trust, will receive $53 million from the sale of the condominium building, which will be redeployed into the Broadway acquisition. The firm plans to effect a Section 1031 tax-free exchange to defer capital gains from the sale.

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