SL Green Sells Manhattan Apartment Community for $62M
- Jul 01, 2020
A joint venture has entered into a contract to sell 400 E. 58th St., a residential community in Manhattan’s Sutton Place enclave, for $62 million. The JV partners, among them SL Green Realty Corp., which owns 90 percent of the JV, anticipate the transaction to close during the third quarter. The closing will be subject to customary closing conditions and is expected to produce net cash proceeds to SL Green of approximately $20 million.
The apartment community is a 16-story, 126-unit property that also includes about 3,800 square feet of commercial space. Floorplans range from 478-square-foot studio apartments to 1,300-square-foot, four-bedroom apartment homes. The apartment building features a full-time doorman as well as an elevator for residents’ convenience.
The Sutton Place neighborhood, named after the thoroughfare running through it, is known for gracious multifamily living and East River views. Within walking distance are wine shops, gourmet restaurants and bars, as well as Sutton Place Park North and South.
In the transaction, SL Green was represented by Marc Sznajderman, Simon Ziff, Andrew Sasson and Chad Sinsheimer of Ackman-Ziff Real Estate Group. The property’s rental units are now 97 percent occupied.
In a statement, SL Green noted the sale serves as proof of continued demand for New York City real estate assets, and reflects the long-held objectives of the company’s business plan. That plan calls for non-core assets to be sold and sales proceeds invested in company development projects and share repurchase program.
SL Green acquired the property back in 2012. At that time, it was a part of an eight-building portfolio of retail and multifamily properties.
Earlier this year, SL Green Realty Corp. made news for the development of its One Vanderbilt in New York City.