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Report: SL Green selling NYC development site co-owned with Kushner

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Report: SL Green selling NYC development site co-owned with Kushner

Office landlord SL Green Realty Corp. agreed to sell a development site it jointly owns with Kushner Cos. in Brooklyn, N.Y.'s Gowanus neighborhood to RFR Realty, Crain's New York Business reported, citing sources familiar with the matter.

One source told the publication that the 140,000-square-foot parcel at 175-225 3rd St. could sell for roughly $120 million. Both SL Green and Kushner will be divesting their stakes in the property, according to the publication.

SL Green is the second major New York City landlord to be planning an exit to a joint venture partnership with the Kushner family. Vornado Realty Trust was reported earlier to be working out a deal to sell its 49.5% stake in the 666 Fifth Ave. office building in Manhattan.