SL Green Announces Sale of 590 Fifth Avenue
October 28 2021 - 8:00AM
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office
landlord, today announced the sale of 590 Fifth Avenue for a gross
sale price of $103.0 million.
“Closing on the sale of 590 Fifth Avenue at a price of $1,000
per square foot demonstrates the continued demand for well-located
New York City office and retail properties,” said Harrison
Sitomer, Senior Vice President of SL Green. “This
profitable transaction is the latest step in the successful
execution of our 2021 business plan as we remain on track to meet
or exceed our stated goals for the year.”
Located between 47th and 48th Street, 590 Fifth Avenue is a
19-story, 103,000-square-foot office building with prime retail
space at the base. SL Green took ownership of the property in
October 2020.
Albert Sultan and Morris Sabbagh of Kassin Sabbagh Realty
represented the buyer in the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a
fully integrated real estate investment trust, or REIT, that is
focused primarily on acquiring, managing and maximizing value of
Manhattan commercial properties. As of September 30, 2021, SL Green
held interests in 76 buildings totaling 35.3 million square feet.
This included ownership interests in 27.2 million square feet of
Manhattan buildings and 7.3 million square feet securing debt and
preferred equity investments.
Forward Looking Statement
This press release includes certain statements that may be
deemed to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and are intended
to be covered by the safe harbor provisions thereof. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that we expect, believe or anticipate will or may occur in the
future, are forward-looking statements. Forward-looking statements
are not guarantees of future performance and actual results or
developments may differ materially, and we caution you not to place
undue reliance on such statements. Forward-looking statements are
generally identifiable by the use of the words “may,” “will,”
“should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,”
“project,” “continue,” or the negative of these words, or other
similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements include risks and uncertainties related
to the on-going COVID-19 pandemic and the duration and impact it
will have on our business and the industry as a whole and the other
risks and uncertainties described in our filings with the
Securities and Exchange Commission. Except to the extent required
by law, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of future events,
new information or otherwise.
SLG - A&D
Matt DiLiberto Chief Financial Officer (212) 594-2700
SL Green Realty (NYSE:SLG)
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