SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial
property owner, today announced that is has acquired the retail property
located at 102 Greene Street for $32.25 million. The transaction marks
the continued growth of the Company’s prime retail property portfolio,
which already includes several other assets in Manhattan’s popular SoHo
retail district.
The 9,200-square-foot asset currently features the Galeria Melissa
footwear store, and also includes two residential units and 5,500 square
feet of development rights. The building is located on what is becoming
one of the top luxury boutique blocks of SoHo between Prince Street and
Spring Street, across the street from Tiffany and Co. and surrounded by
such tenants as Ralph Lauren, Apple, Etro, Fendi, Dior, Chloe, and Louis
Vuitton.
The transaction announced today is the latest in a series of recent
acquisitions in SoHo by SL Green, establishing the Company's strong
presence in the submarket. Area holdings already include interests in
121 Greene Street, 115 Spring Street, 131-137 Spring Street and 530-536
Broadway. SL Green’s growing SoHo portfolio complements its major retail
investment interests in other heavily-trafficked New York City
locations, including Midtown’s Fifth Avenue corridor, Madison Avenue and
Times Square.
SL Green Managing Director Brett Herschenfeld commented, “SoHo has
experienced a tremendous surge in upscale shopping, fueled by both
tourism and evolving demographics. We expect the current trends to
continue for the long-term, based on the strong economic outlook and
compelling neighborhood features. SL Green will now reposition the
property, consistent with our other investments in the area.”
Jeffrey Fishman and Ross Berkowitz of RKF represented the seller in the
transaction.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is a
fully integrated real estate investment trust, or REIT, that is focused
primarily on acquiring, managing and maximizing value of Manhattan
commercial properties. As of September 30, 2014, SL Green held interests
in 96 Manhattan buildings totaling 44.1 million square feet. This
included ownership interests in 28.0 million square feet of commercial
buildings and debt and preferred equity investments secured by 16.1
million square feet of buildings. In addition to its Manhattan
investments, SL Green held ownership interests in 35 suburban buildings
totaling 5.9 million square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey. For more information, please visit: http://slgreen.com/
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SLG-A&D
Copyright Business Wire 2014