SL Green Realty Corp. has entered into a contract to sell 28 West 44th Street in Midtown Manthattan for $161 million ($448 per square foot). The property is a 359,000-square-foot, Class B office building, located on “Club Row”.
The buyers are APF Properties and Prudential Real Estate Investors, collaborating in a joint venture to acquire the building. In 2005, SL Green purchased the building for $105.5 million. It will now reinvest the 33.2 million net earnings in a consolidation of fee interest at 885 Third Ave.
SL Green President Andrew Mathias stated, “This transaction further demonstrates SL Green’s proven ability to identify opportunities and create value in New York City office buildings. Our leasing and operations team did a great job in repositioning this asset to its full potential.”
The building leases office space to a variety of companies, offering tenants cleaning services, mail service, maintenance, security, an information technology concierge, and videoconferencing.
SL Green Realty Corp. is a real estate investment trust (REIT) that operates with the primary purpose of acquiring, managing, and selling office properties in Manhattan. It currently owns interests in 59 Manhattan properties with a total of 31.5 million square feet. The company is the largest commercial office landlord in New York City. Its portfolio includes Class A office space in Westchester, Stamford, Connecticut, and New York. Although its primary focus is Manhattan properties, SL Green owns interest in 31 suburban properties in Brooklyn, Queens, Long Island, New Jersey, Worchester County, and Connecticut, totaling 6.8 million square feet.