New York offices

Real Estate Alert, March 3, 2004

SL Green agreed to pay $67 million for 19 West 44th Street, a 292,000-sf office building between Fifth Avenue and Avenue of the Americas in Midtown Manhattan. The price brings an initial yield of 8%. SL Green has a $7 million preferred equity investment in the property that will be redeemed when the transaction closes next month.

The deal was under contract twice last year--first with a private client of UBS and later with Murray Hill Properties--but both deals fell through. Eastdil Realty is handling the sale on behalf of a joint venture between Blackacre Capital and Emmes & Co.