SL Green-Led Venture Agrees to Acquire Brooklyn Residential Investment in 1Q 2013

NEW YORK—SL Green Realty Corp. has entered an agreement to acquire a recently constructed, vacant residential building in the Williamsburg section of Brooklyn. The deal is expected to close in early 2013.

The residential building contains 72 newly constructed apartment units as well as 12 townhouses. The residential portion is located above a commercial condominium that SL Green purchased in 2010. The commercial units include tenants such as HSBC bank, Duane Reade and a 142-car parking garage.

Apartment units include studio, one- and two-bedroom layouts. Amenities for tenants include lobby entrance, outdoor courtyard with cabanas and a recreational lounge, gym and on-site parking.

Townhome units consist of 1,850 sq. ft. of space, three bedrooms, two baths, two half-baths and a ground-level garden level, as well as a rooftop terrace.

The building was developed under a program that provides tax abatements through 2027.

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