SL GREEN REALTY CORP. SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, today announced that is has acquired the retail property located at 102 Greene Street for $32.25 million. The transaction marks the continued growth of the Company’s prime retail property portfolio, which already includes several other assets in Manhattan’s popular SoHo retail district.
The 9,200-square-foot asset currently features the Galeria Melissa footwear store, and also includes two residential units and 5,500 square feet of development rights. The building is located on what is becoming one of the top luxury boutique blocks of SoHo between Prince Street and Spring Street, across the street from Tiffany and Co. and surrounded by such tenants as Ralph Lauren, Apple, Etro, Fendi, Dior, Chloe, and Louis Vuitton.
The transaction announced today is the latest in a series of recent acquisitions in SoHo by SL Green, establishing the Company's strong presence in the submarket. Area holdings already include interests in 121 Greene Street, 115 Spring Street, 131-137 Spring Street and 530-536 Broadway. SL Green’s growing SoHo portfolio complements its major retail investment interests in other heavily-trafficked New York City locations, including Midtown’s Fifth Avenue corridor, Madison Avenue and Times Square.
SL Green Managing Director Brett Herschenfeld commented, “SoHo has experienced a tremendous surge in upscale shopping, fueled by both tourism and evolving demographics. We expect the current trends to continue for the long-term, based on the strong economic outlook and compelling neighborhood features. SL Green will now reposition the property, consistent with our other investments in the area.”
Jeffrey Fishman and Ross Berkowitz of RKF represented the seller in the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., New York City'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, 2014, SL Green held interests in 96 Manhattan buildings totaling 44.1 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.1 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. For more information, please visit: http://slgreen.com/
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