SL Green Realty Corp. an S&P 500 company and a fully integrated real estate investment trust, or REIT, announced it has entered into a contract to sell its recently repositioned 609 Fifth Avenue retail condominium for $168.0 million to an affiliate of the Reuben Brothers.
“The sale of the 609 Fifth Avenue retail condominium is indicative of our ability to drive value even during uncertain market conditions. We will continue to look for opportunities that bring value to our shareholders as we strategically transact in the current economic climate,” said Brett Herschenfeld, Managing Director of SL Green.
Starting in 2018, SL Green undertook an extensive repositioning of the entire building, located at the corner of Fifth Avenue and 49th Street in the heart of Manhattan’s Gold Coast, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby onto 49th Street, thereby increasing the retail frontage on Fifth Avenue. Then two new premier tenants were secured for the retail condominium: a 15-year, 24,000 square-foot flagship lease with sports apparel brand PUMA, which has a three-level retail space with state-of-the-art double-height storefronts across 160 feet of wraparound frontage, and a 10-year, 5,000 square-foot lease with Vince, a global luxury apparel and accessories brand.
CBRE’s Darcy Stacom, Doug Middleton and David Fowler represented SL Green in the transaction.