A big deal is brewing in Hudson Yards.
SL Green is under contract to sell its 636K SF, 20-story Class-A office redevelopment project at 410 10th Ave. for $952.5M, it announced in a press release Wednesday. The real estate investment trust says it is the largest single-asset real estate transaction in the country since the pandemic took hold.
The 601W Cos. is the buyer, The Real Deal reported a few hours after SL Green announced the deal. The private commercial real estate investment company will also pick up the $600M construction loan that SL Green took on for the redevelopment, according to TRD.
“While the asset was always intended to be held as a long-term investment, the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness and generate additional liquidity for share repurchases,” SL Green Managing Director Brett Herschenfeld said in a statement.