SL Green Selling Interests in Two Midtown Mixed-Use Properties

The separate sales which have entered into contract of SL Green’s 20 percent interest in 605 West 42nd Street and the REIT’s interests in 400 East 57th Street are expected to generate net cash proceeds to SL Green of approximately $71 million in total. Scheduled to close in the 2nd quarter of 2021, the stake sale of the 90% occupied 295-unit, 948,000-square-foot West 42nd Street property, also known as Sky, will result in a gross valuation of $858.1 million; while the expected 3rd quarter 2021 closing of the 70% occupied 263-unit, 211,000-square-foot East 57th Street property sets a gross valuation of $133.5 million. Both interest sales are part of SL Green’s ongoing efforts to divest non-core assets.