JV TO INVEST $13M IN REDEVELOPING FORMER ST. LUKE'S HOSPITAL PROPERTY

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NEW YORK CITY — SL Green Realty Corp. has formed a joint venture with Stonehenge Partners to redevelop a property at 1080 Amsterdam Ave. in New York City into a 96-unit apartment building. The two firms will enter a 99-year ground lease for the property, located just south of Columbia University's main campus, and will invest $13 million in a renovation. The 82,250-square-foot building was previously used to house hospital staff of St. Luke's Hospital Center. The project will include upgrades to the common corridor, window improvements and changes to the electrical, heating and elevator systems. The work is expected to be completed within two years of its start time.

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