In October 2012, the Company, formed a joint venture which entered into a 99-year triple net ground lease on 1080 Amsterdam Avenue, Manhattan, an 82,250 square foot, 96 unit residential building. The joint venture intends to embark on an extensive capital improvement program over the next two years to convert the property into a luxury Upper West Side residential address.In November 2012, the Company sold a 49.5 percent interest in 521 Fifth Avenue at a gross sales price of $315.0 million and refinanced the property with a new $170.0 million, 7-year mortgage which bears interest at 220 basis points over the 30-day LIBOR for the first 2 years and at a fixed rate of 3.725 percent thereafter. This transaction generated $84.8 million in proceeds for the Company and resulted in a gain on sale of $19.4 million.
SL Green Realty Corp. Reports Fourth Quarter And Full Year 2012 FFO Of $1.16 And $5.35 Per Share Before Transaction Costs And EPS Of $0.22 And $1.74 Per Share
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