SL Green Realty Corp. (NYSE: SLG) has announced the sale of 110 Greene Street, a historic office property in Manhattan’s SoHo district, to the real estate development firm Natora Group for $226 million.
Informally known as the SoHo Building, the 13-story, 223,000-square-foot building has four exposures and frontages on both Greene and Mercer Streets. The building is a fusion of two properties: the Greene Street property that was completed in 1920 and an adjacent Mercer Street building completed in 1908.
The property is home to Balenciaga’s New York flagship store and has access to 11 subway lines. The sale is expected to close in the fourth quarter and generate approximately $216 million of net cash proceeds that will be used to repay unsecured corporate debt.
“Our team executed a successful leasing strategy at 110 Greene, bringing the building to full occupancy at market-leading rents,” said Harrison Sitomer, president and chief investment officer of SL Green. “This transaction further signifies the depth of domestic and international buyers in the market across varying property types.”
Photo courtesy of VTS Marketplace
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