SL Green-Led Venture Makes First Brooklyn Residential Investment
NEW-YORK -- December 03, 2012
SL Green Realty Corp. (NYSE: SLG) today announced an agreement to acquire a
newly completed vacant residential building in the Williamsburg section of
Brooklyn. The transaction is expected to close in first quarter 2013.
Located in the heart of the thriving Williamsburg neighborhood and three
blocks south of the L Train, the residential building sits atop a commercial
condominium which SLG purchased in 2010 that includes an HSBC bank, a Duane
Reade store and a 142-car parking garage. The new investment consists of 72
newly constructed apartment units, plus 12 townhouses.
The studio, one-and two-bedroom units offer condominium quality interior
finishes and amenities such as an attractive lobby, outdoor courtyard with
cabanas and a recreational/entertainment lounge gym and parking on-site. The
1,850 sq. ft. townhouses each feature three bedrooms, two baths, two
half-baths, a ground-level garden area and rooftop terrace. The building was
developed under a program that provides tax abatements through 2027.
Brett Herschenfeld, Senior Vice President at SL Green, commented, “SL Green’s
management is uniquely positioned to find opportunistic residential
investments in New York City, as evidenced by this deal, that will give us the
high returns associated with new construction without any construction risk.”
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the only
fully integrated real estate investment trust, or REIT, that is focused
primarily on acquiring, managing and maximizing value of Manhattan commercial
properties. As of September 30, 2012, SL Green owned interests in 77 Manhattan
properties totaling 39.3 million square feet. This included ownership
interests in 27.5 million square feet of commercial properties and debt and
preferred equity investments secured by 11.8 million square feet of
properties. In addition to its Manhattan investments, SL Green holds ownership
interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn,
Long Island, Westchester County, Connecticut and New Jersey, along with four
development properties in the suburbs encompassing approximately 0.5 million
square feet. The Company also has ownership interests in 31 properties
totaling 4.5 million square feet in southern California.
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"forward-looking statements" within the meaning of the Private Securities
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acquisitions (including the amount and nature thereof), development trends of
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strategies, expansion and growth of our operations and other similar matters,
are forward-looking statements. These forward-looking statements are based on
certain assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions, expected future
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Forward-looking statements contained in this press release are subject to a
number of risks and uncertainties that may cause our actual results,
performance or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking statements
made by us. These risks and uncertainties include the effect of the credit
crisis on general economic, business and financial conditions, and on the New
York metropolitan real estate market in particular; dependence upon certain
geographic markets; risks of real estate acquisitions, dispositions and
developments, including the cost of construction delays and cost overruns;
risks relating to structured finance investments; availability and
creditworthiness of prospective tenants and borrowers; bankruptcy or
insolvency of a major tenant or a significant number of smaller tenants;
adverse changes in the real estate markets, including reduced demand for
office space, increasing vacancy, and increasing availability of sublease
space; availability of capital (debt and equity); unanticipated increases in
financing and other costs, including a rise in interest rates; our ability to
comply with financial covenants in our debt instruments; our ability to
maintain our status as a REIT; risks of investing through joint venture
structures, including the fulfillment by our partners of their financial
obligations; the continuing threat of terrorist attacks, in particular in the
New York metropolitan area and on our tenants; our ability to obtain adequate
insurance coverage at a reasonable cost and the potential for losses in excess
of our insurance coverage, including as a result of environmental
contamination; and legislative, regulatory and/or safety requirements
adversely affecting REITs and the real estate business, including costs of
compliance with the Americans with Disabilities Act, the Fair Housing Act and
other similar laws and regulations.
Other factors and risks to our business, many of which are beyond our control,
are described in our filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or
SL Green Realty Corp.
Director, Investor Relations
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