A&E Real Estate has entered into contract to acquire SL Green’s 41% stake in 400 East 57th Street (AKA Stonehenge 57) in a deal that values the asset at $133.5 million, according to The Real Deal. The 263-unit property spans 211,000 SF, and is only 70% occupied. It also includes a 10,000-SF retail component leased to essential service providers.
Backdrop: SL Green put its stake in the building up for sale last year along with a nearby building at 400 East 58th Street, which was also acquired by A&E for $62 million in September. The REIT said it would receive net proceeds of $18 million for its stake in the property. With this deal, the company continues to implement its strategy to divest of non-core assets.
Be Smart: SL Green also entered contract to sell its 20% stake in 605 West 42nd Street (AKA ‘Sky’) to the Moinian Group in a deal that values the property at $858.1 million. The 71-story, 948,233-SF multifamily tower is 90% occupied, and consists of 1,175 apartments (295 affordable), plus 68,000 SF of retail space.
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