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SL Green Buys a 20% Stake in Manhattan's Sky Apartment Tower

SL Green Buys a 20% Stake in Manhattan's Sky Apartment Tower

(Bloomberg)—SL Green Realty Corp. bought a 20 percent stake in the Sky luxury apartment tower on Manhattan’s far west side, which was built by the Moinian Group and opened in December.

The real estate investment trust, New York City’s largest commercial property owner, said it executed a purchase option for the stake based on a valuation agreed upon in July 2014 as part of a $50 million high-interest mezzanine loan it gave Moinian Group at the time. That loan was repaid before the closing of the transaction announced Monday, SL Green said in a statement. Terms weren’t disclosed.

The 71-story Sky, at West 42nd Street and 11th Avenue, has 1,176 rental apartments. It features two skydeck pools, a spa, a professional-sized basketball court, a private park and a children’s playground. Monthly rents for available apartments range from $2,774 for a studio to $7,061 for a two-bedroom unit with a private outdoor space, according to the building’s website.

To contact the reporter on this story: David M. Levitt in New York at [email protected] To contact the editors responsible for this story: Kara Wetzel at [email protected] Christine Maurus.

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