SL Green Realty Corp. is selling its leased fee interest at 292 Madison Ave. for $85 million, or $440 per square foot, the REIT announced on Thursday afternoon. Eastdil Secured represented SL Green in the pending transaction, which is expected to generate approximately $22.7 million in net proceeds.
SL Green president Andrew Mathias says that the deal is another example of strong demand for core office properties in Midtown. The 26-story, 193,000-square-foot building is located on the southwest corner of Madison Avenue and 41st Street.
The publicly-traded REIT is also shedding some of its prime Fifth Avenue retail. A joint venture of SL Green and retail titan Jeff Sutton agreed to sell two condominium units at 141 Fifth Ave. in the Flatiron District totaling 9,860 square feet. The transaction is expected to generate $17.5 million.
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On the leasing side, CBRE arranged a 10-year 13,403-square-foot relocation on behalf of UBIFRANCE at 1700 Broadway. The tenant, part of the French Trade Commission, will relocate from 810 Seventh Ave. to the entire 30th floor in the 42-story class A office tower. CBRE’s Snezana Anderson and Ross Zimbalist represented the tenant in the transaction.
On the Upper East Side, Muss Development LLC’s 1556 Third Ave. is almost 100% occupied. The building–at 98% occupancy–just got seven office leases ranging up to 1,200 square feet each and for terms ranging up to seven years. The newest tenants include Gilman Ciocia Inc., licensed clinical social worker Helen Zubisky and language and cultural center Collina Italiana LLC and Beth Franzese. Only one 2,050-square-foot space remains available in the 78,000-square-foot building.
On the multifamily front, non-profit community development organization Fifth Avenue Committee celebrated the grand opening with state and city officials of Red Hook Homes, a 60-unit, $18-million development in the Red Hook section of Brooklyn. The mixed-income co-op features 40 affordable apartments and 20 middle-income and market rate units.
Enterprise Community Partners and Selfhelp completed a $47 million rehabilitation of two affordable senior housing buildings in Flushing, Queens. The buildings, known as Helen R. Scheuer House (K-I) and Martin Lande House (K-II), were renovated to preserve 420 affordable units and improve the quality of life for over 510 seniors.
Nearby in Jamaica, Meridian Capital Group negotiated a new $3.3 million mortgage on a 10,400-square-foot retail building in the neighborhood’s bustling central business district on Jamaica Avenue. The loan features a rate of 3.70% and a five-year term. The transaction was negotiated by Benjamin Klugman.
Marcus and Millichap Capital Corporation arranged $4 million in financing for a mixed-use, office/retail building at 331-345 Fordham Road in the retail-heavy Fordham Heights section of the Bronx. Christopher Marks, an associate at the firms Manhattan office, arranged the loan with a 6% fixed rate for 10-years.
The Staten Island Economic Development Corp. has received the green light from the New York City Economic Development Corp. to market a two-acre site within the borough’s designated “Green Zone.” The site, located on River Road, permits renewable energy and industrial usage. Environmental consulting firm Lemonides Heineman Associates has provided the SIEDC with a Phase I study to help prospective purchasers or lessees to move into the property more easily.