Values Midtown East property at $1,000 per square foot
NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) — 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.
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SLG – A&D
Chief Financial Officer