SL Green Realty Corp. (NYSE: SLG) today announced an agreement to acquire a newly completed vacant residential building in the Williamsburg section of Brooklyn. The transaction is expected to close in first quarter 2013.
Located in the heart of the thriving Williamsburg neighborhood and three blocks south of the L Train, the residential building sits atop a commercial condominium which SLG purchased in 2010 that includes an HSBC bank, a Duane Reade store and a 142-car parking garage. The new investment consists of 72 newly constructed apartment units, plus 12 townhouses.
The studio, one-and two-bedroom units offer condominium quality interior finishes and amenities such as an attractive lobby, outdoor courtyard with cabanas and a recreational/entertainment lounge gym and parking on-site. The 1,850 sq. ft. townhouses each feature three bedrooms, two baths, two half-baths, a ground-level garden area and rooftop terrace. The building was developed under a program that provides tax abatements through 2027.
Brett Herschenfeld, Senior Vice President at SL Green, commented, “SL Green’s management is uniquely positioned to find opportunistic residential investments in New York City, as evidenced by this deal, that will give us the high returns associated with new construction without any construction risk.”About SL Green Realty Corp. SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2012, SL Green owned interests in 77 Manhattan properties totaling 39.3 million square feet. This included ownership interests in 27.5 million square feet of commercial properties and debt and preferred equity investments secured by 11.8 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet. The Company also has ownership interests in 31 properties totaling 4.5 million square feet in southern California.