SL Green Realty has sold its ownership interest in 707 Eleventh Avenue in Midtown West, New York City for $95 million to a domestic buyer.
The company purchased the 160,000 square foot, loft-style building in January of 2020 for $90.0 million.
The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions.
SL Green said proceeds from the sale are expected to be used for the repayment of corporate debt.
“The sale of 707 Eleventh Avenue demonstrates investor demand for quality, value-add investment opportunities in New York City,” said Harrison Sitomer, Senior Vice President of SL Green.