Real Estate Investment Activity
In March 2013, the Company entered into an agreement to sell its 130,000 square foot property located at 300 Main Street in Stamford, Connecticut for $13.5 million. The property, which was acquired by the Company in January 2007, is encumbered by an $11.5 million first mortgage. The sale is expected to close during the third quarter of 2013, subject to customary closing conditions.
In April 2013, the Company acquired interests from its joint venture partner, City Investment Fund, in 16 Court Street in Brooklyn, in a transaction which valued the Property at $96.2 million, inclusive of the $84.6 million mortgage encumbering the property. This property, which was originally acquired by the joint venture in July 2007, was previously accounted for as an investment in unconsolidated joint ventures.
In June 2013, the Company entered into an agreement to sell its 345,400 square foot property located at 333 West 34 th Street in Manhattan for $220.3 million, or approximately $630 per square foot. The building which was acquired by SL Green in June 2007, is 100 percent occupied and is unencumbered by debt. The sale is expected to close during the third quarter of 2013, subject to customary closing conditions.Debt and Preferred Equity Investment Activity The Company’s debt and preferred equity investment portfolio totaled $1.2 billion at June 30, 2013. During the second quarter, the Company purchased and originated new debt and preferred equity investments totaling $79.0 million, all of which are collateralized by New York City commercial office properties, and recorded $297.1 million of principal reductions from investments that were sold or repaid. The debt and preferred equity investment portfolio had a weighted average maturity of 2.37 years as of June 30, 2013 and had a weighted average yield during the quarter ended June 30, 2013 of 10.96 percent.