"It's at the crossroads of the world," says Eddie Sitt, whoacquired the property with brothers Jack, David and Ralph. Wachoviais completing the financing of the sale of the approximately315,000-sf site, which features the Gap as a retail tenant andoffice tenants including Quicksilver and Paris Blues. "We haveplans to convert the upstairs to a hotel."

Sitt is also speaking with a number of retailers interested inestablishing a flagship store in the high-traffic area and a cardealership in regard to a vacant retail slot. The Sitt firm,started by Ralph Tawil, has been a longtime developer in the cityas well as an active buyer here of late. In the past 18 months,Sitt has picked up 24 West 57th St., 1370 Broadway, 1369 Broadwayin addition to 469 Seventh Ave.

Seller SL Green modified three separate corporate debtobligations, increasing capacity from $625 million to $750 million,while lowering the overall cost of borrowing under the facilitiesby 25 to 35 basis points. The company's $200-million term loan withWells Fargo Bank and various other lenders was increased to $325million and the maturity date was extended to August 2009. Uponclosing, SL Green drew down $100 million to partially pay down thecompany's $300-million unsecured credit facility. In two otherseparate agreements, borrowing spreads on the $300-millionunsecured credit facility and $125-million secured credit facility,both with Bank of America and various other lenders, were reducedto between 1.05% and 1.35% over Libor.