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Report: SL Green looking to sell $1B stake in NYC tower

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Report: SL Green looking to sell $1B stake in NYC tower

SL Green Realty Corp. is marketing a stake in its Broadway 1515 property in Manhattan, N.Y.'s Times Square that could net nearly $1 billion for the company, Crain's New York Business reported.

The company is offering "what will likely be a minority stake" in the 54-story, 1.8 million-square-foot property, and the sale of the ownership interest could value the tower at nearly $2 billion, according to the report.

Anchor tenant Viacom occupies about 1.6 million square feet at the property under a lease that runs beyond 2030.

Citing a source familiar with the offering, the publication reported that SL Green is seeking to raise funds for new investments, including potential "distress deals" with residential developers in need of construction loans.

The company also recently sold stakes in its One Vanderbilt Avenue project for $525 million.