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SL Green JV selling Brooklyn, NY, development site for $115M

An SL Green Realty Corp. joint venture agreed to sell a 3-acre development site in Brooklyn, N.Y.'s Gowanus neighborhood for $115.0 million, confirming an earlier report.

SL Green owns a 95% interest in the joint venture, which acquired the 140,000-square-foot site at 175-225 Third St. in 2014 for $72.5 million.

Crain's New York Business recently reported, citing sources familiar with the matter, that the site could sell for roughly $120 million. Kushner Cos. is SL Green's joint venture partner on the site, according to the report.

The deal is slated to close in the first quarter, and SL Green expects net proceeds of roughly $70.0 million.

The proceeds are expected to go toward the company's stock repurchase program.