NEW YORK CITY-The fee interest in the 16-story building at 469 Seventh Ave. is been purchased by SL Green Realty Corp. and Morgan Stanley Real Estate Fund III LP for $45.7 million, or $180 per sf. The property, located two blocks north of Penn Station at the corner of 36th Street and Seventh Ave., is being sold by Angelo Gordon & Co. and Max Capital Management.

SL Green, which is acquiring a 35% ownership interest in the building, will serve as operating partner in charge of leasing and management. In-place rents are now $28.50 per sf, about 35% below the market rate.

SL Green is a self-administered REIT specializing in Manhattan office properties. The Morgan Stanley Fund is the real estate private equity business of Morgan Stanley Deal Witter. Both firms are based here.

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