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SL Green seeks cash

Andrew Mathias and Marc Holliday (Credit: SL Green)

SL Green is looking to increase their cash balances from $580 million to at least $1 billion over the next 45 to 60 days. In order to achieve this, the firm is close to locking in a refi at 410 Tenth Avenue where Amazon occupies 335,000 SF. The REIT intends to also secure a roughly $500 million refi for the Daily News Building

  • By the numbers: CEO Marc Holliday noted that the company had collected more than 92 percent of office rents and 60 percent of retail rents for April. On the debt and preferred equity book, the company received 98% of their scheduled interest payments in the first quarter. 

SL Green is putting the following assets on the market, according to TRD

  • Office condo at the International Gem Tower at 50 West 47th Street. The firm paid $275 million for floors 22 to 34 in 2014, which spans 319,000 SF. 
  • The firm is reportedly in discussions to sell its 41% stake in 400 East 57th Street to co-owner Stonehenge Properties. The multi-family property in Sutton Place spans 290,482 SF, and contains 261 apartments (56 were regulated in 2017), plus ground-floor retail (13,772 SF). BlackRock owns a 49 percent stake, which it acquired in 2016 in a deal valuing the property at $170 million. 
  • The REIT is also looking to sell its stake in 400 East 58th Street. The multi-family property spans 140,000 SF, and contains 123 units.

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