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Wharton Properties acquiring SL Green's $100M investment in NYC asset

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Wharton Properties acquiring SL Green's $100M investment in NYC asset

Jeff Sutton's Wharton Properties is taking over SL Green Realty Corp.'s $100 million interest in three interlinked properties in Manhattan, N.Y.'s Soho district, The Real Deal reported, citing a filing on the Tel Aviv Stock Exchange.

According to the filings, SL Green will retain its 20% stake. Wharton Properties holds a 50% stake, and an unnamed partner owns the remaining 30% stake.

Wharton Properties is acquiring the $60 million in mezzanine loans and $40 million in preferred equity that SL Green had provided when the partners acquired the 11-story, 194,500-square-foot office and retail complex for $340 million in 2014. Wharton will finance the acquisition with proceeds from bonds raised in Tel Aviv in early 2017, the March 12 report noted.

The properties were placed on the market in 2016 for roughly $450 million. The property is now valued at $480 million and has a net operating income of $16.7 million, the report noted, citing Wharton's financial reports.