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Acquisitions

SL Green sells 400 East 58th Street

SL Green has entered into a contract to sell a residential building at 400 East 58th Street in Sutton Place to an unidentified investor at a valuation of $62 million. The 16-story property spans 140,000 SF, and contains 123 units. 

  • Be Smart: The asset generates approximately $5,940,000 in annual gross income, with an average of $3,717 per unit in monthly rent. Of the property’s 126 residential units, 68 are market-rate, while the remaining 58 units include 57 rent regulated residences and one unit for the superintendent. The asset also includes about 3,800 square feet of commercial space, and is currently 97 percent occupied, according to a press release.
  • Worth Noting: SL Green owns a 90 percent stake in the asset, while Stonehenge Partners owns the remainder. [PressRelease+SLGreen’s10K]

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