SL Green sells office condominium at 609 Fifth Avenue for $100.5m

SL Green sells office condominium at 609 Fifth Avenue for $100.5m
609 Fifth Avenue Image: Courtesy of SL Green Realty

SL Green Realty has sold a vacant office condominium at 609 Fifth Avenue to a domestic investor for $100.5 million.

609 Fifth Avenue is located in the heart of Manhattan’s retail district on the corner of Fifth Avenue and 49th Street.

“SL Green continues to work aggressively to drive value for our shareholders through strategic dispositions that generate incremental liquidity for reinvestment and debt repayment,” said Harrison Sitomer, Chief Investment Officer of SL Green. “The sale of 609 Fifth Avenue is evidence of the continued demand and premium valuation for well-located assets in Midtown East.”

The office condominium benefits from work performed as part of SL Green’s repositioning of the entire building, which included a new core and elevators in addition to relocating the office lobby from Fifth Avenue to 49th Street.

The transaction is expected to close in June of 2022, subject to customary closing conditions.

In May 2020, SL Green sold the retail condominium to an affiliate of the Reuben Brothers for $168.0 million.