SL Green Realty, New York City’s largest office landlord, has announced the sale of 110 Greene Street. The 13-storey, 223,000 square foot Class A office building in Manhattan's SoHo district was divested for $226 million to the Natora Group. This sale forms part of the REIT's active disposition strategy.
SL Green had acquired the property in 2015 for $255 million. Last summer, it was reported that Marc Holliday, CEO of SL Green, was looking to sell 110 Greene Street, which houses a Balenciaga store on the ground floor, and 690 Madison Avenue in Lenox Hill — a joint venture with Jeff Sutton’s Wharton Properties — for a total of approximately $300 million. Reports of intentions to sell 110 Greene Street in the price range of $250 million to $300 million had already emerged in mid-2020.
Market Positioning and Sales Strategy
Harrison Sitomer, President and Chief Investment Officer of SL Green, commented on the sale. He emphasised that SL Green had brought the building to full occupancy at market-leading rents. Sitomer further stated that this transaction underscores the depth of the market for national and international buyers across various property types.
The sale of 110 Greene Street follows SL Green's announcement at the end of 2025 that it intends to dispose of up to $2.5 billion worth of residential and commercial properties from its portfolio in the coming months. At least nine buildings have been put on the market for this purpose.
Further Planned Portfolio Adjustments
Among the properties the REIT intends to sell in whole or in part are:
- —1350 Sixth Avenue, a 600,000 square foot office building in Midtown.
- —245 Park Avenue, a 1.7 million square foot office building that opened in 1967.
- —750 Third Avenue, a former Midtown office tower currently being converted into an apartment complex with nearly 700 units.
