Former New York Daily News HQ Fetches $790.1M in 49% Stake Sale

A real estate fund managed by Meritz Alternative Investment Management has acquired a 49% stake in 220 East 42nd Street for a gross consideration of $790.1 million, with seller SL Green retaining the 51% majority interest. In 2003, the REIT acquired the building that was originally the headquarters for The New York Daily News, launching a multi-year repositioning and re-tenanting of the property. The transaction generated $136.1 million in net cash proceeds to SL Green.