Posted May 18, 2015, 7:05 PM
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Join Date: Oct 2013
Location: New York
Posts: 190
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SL Green to buy 11 Madison Ave for $2.6 Billion... With the skyrocketing values here in the city..
Madison Sq Park area is as hot as any place in NYC... wonder what the chances are for SL Green to bring this tower to what it was meant to be...
An over 1454FT Art Deco Supertall...that would be awesome!!!
Here's the NY Post Article today on the deal...
Deal for Manhattan tower could be among biggest in NYC history
By Lois Weiss
May 18, 2015 | 8:22am
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11 Madison AvenuePhoto: Lois Weiss
Trophy tower 11 Madison Ave. is set to become one of biggest real estate prizes ever in the city’s history.
SL Green Realty Corp. has agreed to pay $2.6 billion for the 2.3 million square-foot Art Deco skyscraper overlooking Madison Square Park being sold by the Sapir Organization and minority partner CIM Group, The Post has learned.
That would be the biggest single-building deal in the city and the second-highest price ever paid for an office tower after the $2.8 billion sale of the GM Building in 2008. The latter was part of a $3.95 billion package that included three other towers.
The real estate investment trust, led by Chief Executive Marc Holliday and President Andrew Mathias, was set to sign a contract either Sunday night or Monday, sources said. SL Green is the city’s biggest landlord with 43.6 million square feet spanning 117 buildings.
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