[NYguy]

https://finance.yahoo.com/markets/stocks/articles/sl-green-realty-q1-earnings-200427830.html

SL Green Realty Q1 Earnings Call Highlights]


April 16, 2026

Development updates: 346 Madison


Holliday emphasized the lack of new office supply expected in Midtown Manhattan over the next several years, saying there were “0 new space deliveries anticipated for the next 3 years.” He said that, with projects such as the Rolex Building and 520 Fifth Avenue now complete and other major projects not expected to deliver until 2029 or 2030, “it is simply physically impossible for any other new construction to be delivered between now and the end of 2029 in Midtown Manhattan.”

Against that backdrop, Holliday said SL Green was moving “at a very rapid pace” on its 346 Madison Avenue development. The company expects to issue “100% schematic design on May 1st,” about six months after acquiring the site, and to file into the city’s ULURP land use approval process by year-end. Holliday said the company had already begun outreach to select potential tenants and brokers and was receiving “extremely good feedback.” He said financial details would likely follow once the project is priced with a construction manager and trade feedback is received.

SL Green (SLG) Q1 2026 Earnings Call Transcript


April 16, 2026

Marc Holliday:

.....There are zero new space deliveries anticipated for the next three years, with recently completed projects like the Rolex building, 525 Fifth Ave, now in the rearview, and new projects like 343 Madison and 625 Madison not expected to complete until sometime around 2029 or 2030. It is simply physically impossible for any other new construction to be delivered between now and 2029 in Midtown Manhattan. This presents us with one of the most favorable dynamics we have seen in quite some time. Therefore, we are proceeding at a very rapid pace on our very own project at 346 Madison, our next great office tower.

We just closed on the site in the fall, and already we are issuing a 100% schematic design on May 1, just six months from the acquisition, and proceeding immediately into design development. We expect to be filing the project into ULURP, the city's land use approval process, by the end of this year.

That is a much faster pace than we achieved with One Vanderbilt. I am also very happy with the way the design programming of the building is progressing. We have already been out talking to select potential tenants and top brokers, presenting the project and getting extremely good feedback confirming we are heading in the right direction with this new development.

I expect on the next call to be able to give you some financial details after we price the project with our construction manager and obtain some major trade feedback in the coming months.

.....There are tenants in that 150,000 to 250,000 to 500,000 square foot range and 1 million square foot users, but you have to have the inventory, which is why we are leasing up the portfolio so rapidly, and why we launched so quickly on Madison, where we will have 850,000 square feet of brand-new state-of-the-art space to deliver right across the street from One Vanderbilt.