SL Green Realty to Sell West Manhattan Mixed-Use Tower, Adjacent Development Site for $446.5M

The mixed-use tower, known as The Olivia, features 333 apartments and 279,132 square feet of commercial space, including a 14-screen AMC Theatres.

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side.

Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education.

The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station.

Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel.

“This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment officer of SL Green Realty. “The transaction also serves to demonstrate the continued strong demand for high-quality Manhattan assets.”

SL Green Realty is self-described as Manhattan’s most prolific office landlord and has owned The Olivia since 2013. The New York-based firm held interests in 97 buildings totaling 44 million square feet as of year-end 2019.

SL Green Realty’s stock price closed on Monday, Feb. 17 at $95.10 per share, up from $92.09 a year ago.

Brookfield Asset Management is an alternative asset management firm with more than $540 billion in assets under management, including 450 million square feet of commercial real estate. The company is the lead investor for the upcoming Manhattan West development, a 7 million-square-foot mixed-use destination underway a block west of The Olivia.

The company’s stock price closed on Monday at $67.74 per share, up from $44.31 a year ago, a more than 50 percent increase.

— John Nelson

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