News
RETAIL & RESIDENTIAL: PERFECT BEDFELLOWS
October 3, 2011
| SL Green may be on the market for retail, but when residential is part of the deal—well—the investment firm is happy to oblige. TheFrankel family has sold eight retail and residential properties to SL Green and multifamily operator Stonehenge Partners for $416M in a transaction that'll close in Q1. |
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| The driver of this transaction was 724 5th Ave, its retail occupied by Prada and which is next door to SL Green's 720 5th Ave. That's where Dolce & Gabanna is opening a flagship. We can practically hear the wedding bells for these neighboring spaces. SL Green already plans to marry its 1552 and 1560 Broadway locations inTimes Square, and other pieces of the just-purchased portfolio mesh similarly with existing SL Green properties. Stonehenge will reposition the residential—perhaps the beginning of a beautiful friendship with its new JV partner. |
