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SL Green to sell 'substantially all' of its stake in 724 5th Ave in NYC

SL Green Realty Corp. said it agreed to sell "substantially all of its ownership interest" in 724 Fifth Ave. in New York to Jeff Sutton, its joint venture partner.

The office-focused real estate investment trust will also be redeemed on its investment in 720 Fifth Ave. and partially repaid on a separate partnership loan. In total, the transactions should generate about $85.5 million in net proceeds for the company.

724 Fifth Ave. is a boutique office and gallery property, home to Prada SpA's flagship store, while 720 Fifth Ave., which encompasses 132,317 square feet, is home to Abercrombie & Fitch Co.'s flagship store.

The deals are expected to close in the third quarter.