NEW YORK—SL Green Realty and its joint venture partner have entered into a contract to sell 400 East 58th St, a 126-unit residential building in the Sutton Place neighborhood of Manhattan, for $62 million.
The transaction is expected to close during the third quarter of 2020 and generate net cash proceeds to SL Green of approximately $20 million. SL Green owns a 90% stake in the joint venture.
"The sale of 400 East 58th Street is a continuation of the business plan we have successfully executed over the last several years to dispose of non-core assets at attractive market values and re-invest the proceeds into our development projects and our share repurchase program," says Chief Investment Officer David Schonbraun in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
