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Financing

SL Green lands Refi for News Building

SL Green has secured $510 million in mortgage financing from Aareal CapitalCiti, and French lender Credit Agricole for its office building at 220 East 42nd Street (AKA The News Building). The 1-million-square-foot skyscraper is 97% leased to around 60 tenants, and sits between Second and Third Avenues.

  • Tenant roster: United Nations, Visiting Nurse Service of New York (308,115 SF), Omnicom Group (231,000 SF), and TV station WPIX. The REIT announced in a press release the liquidity generated by this transaction allowed it to repay its unsecured revolving credit facility.
  • Worth Noting: SL Green recently sold a pair of commercial condos in the building to the Young Adult Institute for $26.7 million. The two units span a total of 47,707 square feet.
  • How we got hereJacob Chetrit bailed on his contract to acquire the property for $815 million in March. SL Green intends to retain the $35 million non-refundable deposit. [CO]

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