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SL Green, partner refi NYC retail space with $225M leasehold mortgage

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Capital Markets View – January 2021


SL Green, partner refi NYC retail space with $225M leasehold mortgage

SL Green Realty Corp. and Jeff Sutton received a $225 million leasehold mortgage from Aareal Bank to refinance the retail space at 650 Fifth Ave. in Manhattan, N.Y., The Real Deal reported.

The refinancing deal replaces an earlier $97 million mortgage loan by the German lender from October 2014 and includes a $128 million mortgage gap, the Oct. 10 report noted.

SL Green and Sutton acquired the retail leasehold in 2013. Nike signed on for 60,000 square feet in December 2016 in what was said to be one of the priciest retail leases in New York City.

The Alavi foundation, reportedly controlled by the Iranian government, held a 60% stake in the tower, and a federal jury ordered a seizure of the stake in June, according to the report. A Manhattan Supreme Court judge reaffirmed the order in September.