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SL Green buys into Manhattan, NY, residential property

SL GreenRealty Corp. has exercised its option to acquire a 20% stake in a71-story residential property in Midtown Manhattan, N.Y.

The company said it was given the option to buy the stake ata valuation agreed upon in July 2014 when it originated a $50 millionmezzanine loan to TheMoinian Group for the construction of the 927,358-square-foot tower at 605 West42nd St., near the Hudson River. The loan was repaid before the stakeacquisition was closed.

The newly built luxury building, dubbed Sky, contains 1,176rental units and offers two sky-deck pools, a private park, a professional-sizebasketball court, a children's playground and a full-service spa, among otheramenities.