SL Green sells 110 East 42nd Street to Meadow Partners
Four years after taking over 110 East 42nd St. for the second time, SL Green sold the Midtown office condominium to Meadow Partners.
In a transaction announced Monday, the building traded for just over $ 117 million. The owner said in a statement that Meadow Partners is acquiring the interest in the office and garage condominiums “on behalf of a separately managed account.”
âWe continue to see demand for assets conveniently located near transportation in Midtown and across Manhattan,â said Harrison Sitomer, senior vice president of SL Green.
The deal comes just a month after tenants in Manhattan offices signed agreements for more than 3 million square feet of leases, the highest volume since January 2020, according to the Colliers Monthly Market Snapshot. Rental volume increased 14.8% from October.
Meadow Partners did not immediately return a request for comment on the sale.
Newmark’s Evan Layne and Brett Siegel negotiated the deal.
The Midtown Building was constructed in 1923. The 18-story building is 237 feet tall and encompasses 304,000 square feet, including just over 215,000 square feet of usable space.
In 2007, the office owner sold the building to Gotham Realty Holdings for $ 111.5 million. Four years later, SL Green bought the building for $ 85.5 million.
The office condominium extends from the sixth floor to the 18th, including part of the ground floor. The exterior and lobby of the building have been designated as monuments by the city, as well as the Cipriani event hall at the base of the building.
As well as being near Grand Central Terminal, the building also sits across from SL Green’s most notable development, One Vanderbilt.
SL Green said he plans to use the proceeds from the property sale for his share buyback program. The transaction is expected to be finalized by the end of the year.
Meadow Partners ends the year with a big buy after ending 2020 in the same way. The investment firm bought a 99-year lease of 860 Washington Street in the Meatpacking District for around $ 230 million.