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Old Posted Jun 4, 2012, 5:00 PM
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NYC’s skyscraper kings
A first-ever ranking of the firms with the richest Manhattan office portfolios — and the buildings that are throwing off the most cash for them

June 01, 2012
By Adam Pincus

SL Green Realty
Total Manhattan office NOI: $790 million
Type of firm: REIT
Average income: $35 per square foot

SL Green has also been hard to ignore lately. The company currently has 34 buildings totaling 22.9 million square feet. A handful of those properties have been picked up in the last few years. The firm, which ranked No. 2 on the list with $790 million in total NOI, owns a broad collection of buildings spread throughout Manhattan. Its top-earning building is the 1.6 million-square-foot Times Square office tower 1515 Broadway, which is throwing off $70 million a year — more income than any other building in the firm’s New York portfolio, according to city records. And the building will remain a money-maker for years. That’s because the media behemoth Viacom signed the largest lease of the year — a renewal and expansion — in April, and is expected to occupy the entire building in coming years.

SL Green has been especially active buying and selling properties over the past year. For example, it unloaded 28 West 44th Street for $161 million in May 2011, and in December purchased 51 East 42nd Street, which is part of a potential 1.2 million-square-foot office development site on a small square block bounded by Madison and Vanderbilt avenues, and 42nd and 43rd streets.

NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.