SL Green Realty Corp Sells 625 Madison Avenue In Central Midtown, Manhattan For $632.5M To Jeff T. Blau Of Related Cos
625 Madison Avenue
$632,500,000
$1,084/SF
Building Size
583,000 SF
Asset Type
Office
Closing
Dec 4, 2023
About this deal
AI
Manhattan's largest office landlord, SL Green Realty Corp., is set to sell the fee ownership interest in 625 Madison Avenue for $632.5 million. The property, located in Central Midtown, Manhattan, is an office building with a total square footage of 563,000. The sale price equates to $1,123 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $632,500,000
- Address: 625 Madison Avenue
- Market: Central Midtown, Manhattan
- Buyer: Jeff T. Blau - Related Cos
- Seller: SL Green Realty Corp.
The buyer, Jeff T. Blau, represents Related Cos in the deal. The seller, on the other hand, includes Marc Holliday and Brett Herschenfeld, who are part of SL Green Realty Corp. This transaction signifies a significant move by SL Green Realty Corp. to divest its ownership interest in 625 Madison Avenue in Manhattan.
On the Map
$632,500,000
$1,084/SF
Office
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Players
Lindenhurst Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93