SL Green Acquires Office Asset From Claudio Del Vecchio For $160 Million In Midtown East
346 Madison Avenue
$160,000,000
$581/SF
Building Size
275,000 SF
Asset Type
Office
Closing
Oct 14, 2025
About this deal
AI
The property asset involved in this transaction is located at 346 Madison Avenue and 11 East 44th Street, situated in the Midtown East market of Manhattan. It was sold for a total transaction amount of $160,000,000, with a maximum zoning floor area of 552,994 square feet. The asset type is classified as office space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $160,000,000
- Address: 346 Madison Avenue & 11 East 44th Street
- Market: Midtown East, Manhattan
- Max ZFA: 552,994
- Buyer: SL Green
- Seller: Claudio Del Vecchio
- Brokers: David Giancola, Drew Isaacson, Andrew Scandalios & Jennifer Zelko - JLL
The transaction was represented by four brokers from JLL, namely David Giancola, Drew Isaacson, Andrew Scandalios, and Jennifer Zelko, who facilitated the deal between the buyer, SL Green, and the seller, Claudio Del Vecchio.
On the Map
$160,000,000
$581/SF
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93