Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 01 March 2018

SL Green Agrees to Sell Brooklyn, N.Y., Development Site; Plans Additional Sales

The Manhattan REIT is selling a development site in Brooklyn, N.Y., that it owns through a venture, for $115 million and is eyeing bringing other properties that it views as being mature to market as well. Those might include the six-building Reckson Executive Park in Rye Brook, N.Y., that it had assumed through its 2007 purchase of Reckson Associates Realty Corp.

Commercial Real Estate Direct Staff Report

SL Green Realty Corp. has agreed to sell another property and plans on using the proceeds to continue its stock repurchase program.

A venture of SL Green, Kushner Cos. and LIVWRK is selling a three-acre development site in Brooklyn, N.Y., for $115 million. SL Green has a 95 percent stake in the venture.

The deal is expected to close by the end of the month. RFR Realty of New York is the buyer, according to Bloomberg.

The venture paid $72.5 million for the site, at 175-225 Third St., in 2014.

SL Green will use net proceeds from the sale, which it estimates at $70 million, to buy back stock.

Since the company began its stock repurchase program in August 2016, it has bought back $1.19 billion of stock. It plans on buying another $310 million of its shares.

This year, the company intends on selling mature assets that include the six-building Reckson Executive Park, with 540,000 sf in Rye Brook, N.Y., and the 178,000-sf buildings at 115-117 Stevens Ave. in Valhalla, N.Y., as well as value-add properties it owns through ventures.



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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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