July 1, 2020
SL Green Realty Corp. and its joint venture partner are in contract to sell 400 E. 58th St., a 126-unit residential building in Midtown East’s Sutton Place neighborhood, for $62 million. The REIT owns a 90.0% interest in the JV.
“The sale of 400 E. 58th is a continuation of the business plan we have successfully executed over the last several years to dispose of non-core assets at attractive market values and re-invest the proceeds into our development projects and our share repurchase program,” said CIO David Schonbraun.
SL Green acquired the building in 2012 as part of an eight-building retail and multifamily portfolio. Known as Stonehenge 58, the 16-story property also includes approximately 3,800 square feet of retail. The rental units are 97% occupied.
Ackman-Ziff Real Estate Group’s Simon Ziff and Marc Sznajderman represented SL Green in the transaction. The sale is expected to close in the third quarter.
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