SL Green, Sutton find buyer for 141 Fifth Avenue retail condo
October 27, 2011 11:00AM
From left: Jeff Sutton, SL Green President Andrew Mathias and 141 Fifth Avenue
SL Green Realty and its joint venture partner, Jeff Sutton, have made an agreement to sell two retail condominium units totaling 9,860 square feet at 141 Fifth Avenue for $46 million, SL Green announced today. The identity of the buyer was not immediately clear.
The transaction, which is subject to the lender's approval of the transfer, is expected to generate around $17.5 million in net proceeds for SL Green, the company said in a statement.
Andrew Mathias, president of SL Green, said: "SL Green continuously looks to take advantage of evolving market conditions to enhance both its office and retail portfolios with selective dispositions and acquisitions. We are very pleased with the growth and success of our retail platform and anticipate making more strategic investments in the near term."
Eastdil Secured represented the seller and Eastern Consolidated represented the buyer in the deal.
Retail condos have been a hot commodity in New York City lately, it's been reported. Inditex, owner of Spanish clothing retailer Zara, broke national records in March when it paid $8,300 per square foot for a retail condo at 666 Fifth Avenue. -- Katherine Clarke
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