REBusinessOnline

SL Green Agrees to Sell Multifamily Building in Manhattan for $62M

NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building portfolio of retail and multifamily properties. SL Green owns 90 percent interest in the joint venture. At the time of sale, the rental units were approximately 97 percent leased. Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.

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