Mark Karasick’s 601W Companies has entered into a contract to acquire 410 Tenth Avenue from SL Green for $952.5 million, CO reported. The 20-story office redevelopment spans 636,000 SF, and is expected to be completed in the third quarter of 2021.
- Worth Noting: As part of the deal, 601W will take over the $600 million construction loan SL Green closed on in September. The deal is set to close in the fourth quarter of this year and SL Green will retain a 5 percent stake in the asset.
- Excellent tenants: Amazon (335,000 SF) and First Republic Bank (212,000 SF) have already signed on as tenants. The building is being modernized with a new glass-box lobby, industrial-style windows, new elevators, a new roof deck and lounge, and the addition of double-height storefronts on the ground floor. [CO+SeekingAlpha]