The 18-story property is situated on Ninth Avenue between 34thand 35th streets. Since acquiring the property in 1998 for $31.7million, shortly after SL Green's initial public offering, thecompany invested approximately $24 million of additional capital ina targeted repositioning plan that, according to a statement,helped attract and retain the property's three largest tenants:B&H Photo, Duane Reade and eEmerge. The property is currently100% occupied to other tenants including Kopff, Nardelli &Doff, EngenderHealth and Uncle Jack's Steakhouse.
For SL Green, the sale of 440 Ninth Ave. will generate a gain ofapproximately $111 million with a capitalization rate of 4.6%. Theproceeds of this sale will be reinvested tax free as part of a 1031exchange.
A source close to the deal tells GlobeSt.com that, according toprevious company statements, in early 2007, SL Green indicated thatit anticipated being "a significant net seller of non-coreproperties this year, with the proceeds being applied primarily tothe Reckson acquisition." The Reckson Associates Realty Corp. andSL Green merger was a done deal this past January, when the companypaid $31.68 for each ofReckson's shares.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
