Meadow Partners pays $117.1M to SL Green Realty for 110 East 42nd Street in Grand Central

Meadow Partners paid $117.07 million to SL Green Realty for three commercial condominium units at 110 East 42nd Street in Grand Central in three separate transactions.
To finance the acquisition, Meadow Partners through the entity 42nd Street Gorp Property LLC as borrower signed an acquisition loan with lender Athene Holding through the entity Athene Annuity And Life Company valued at $58.5 million for three units at 110 East 42nd Street in Grand Central, Manhattan.

In the largest of the three purchases, Meadow Partners through the entity 42nd Street Gorp Property LLC paid $102 million to SL Green Realty through the entity Gotham 42nd Street LLC for property at 110 East 42nd Street in Grand Central, Manhattan.

The deal closed on December 21, 2021 and was recorded on January 26, 2022.
The property has 137,954 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $739 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on April 26, 2007, for $111.5 million.
The signatory for SL Green Realty was Andrew S. Levine. The signatory for Meadow Partners was Jeffrey M. Kaplan.
Prior to this transaction, the buyer Meadow Partners purchased seven properties in five transactions for a total of $264.6 million and sold two properties in two transactions for a total of $57.8 million over the past 24 months.
The seller SL Green Realty purchased six properties in six transactions for a total of $396.9 million and sold 15 properties in 13 transactions for a total of $2.2 billion over the same time period.

The contract date was December 1, 2022.
On the tax block, the majority, or 100 percent of the 1.4 million square feet of built space are office buildings, with specialty buildings next occupying 0 percent of the space.
Within a 400-foot radius of 110 East 42nd Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $104.3 million. The most recent of the three was International Rescue Committee which borrowed $85 million from International Rescue Committee, Inc. secured by the 862,071-square-foot, 219-unit office building (O4) on 374 Lexington Avenue on April 19, 2021.

Direct link to Acris document. link

In the second transaction, Meadow Partners through the entity 42nd Street Gorp Property LLC paid $10 million to SL Green Realty through the entity Green 110 East 42nd LLC for property at 110 East 42nd Street in Grand Central, Manhattan.
The deal closed on December 21, 2021 and was recorded on January 26, 2022.
The property has 19,031 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $525 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for SL Green Realty was Andrew S. Levine. The signatory for Meadow Partners was Jeffrey M. Kaplan.
Prior to this transaction, the buyer Meadow Partners purchased seven properties in five transactions for a total of $264.6 million and sold two properties in two transactions for a total of $57.8 million over the past 24 months.
The seller SL Green Realty purchased six properties in six transactions for a total of $396.9 million and sold 15 properties in 13 transactions for a total of $2.2 billion over the same time period.

On the tax block, the majority, or 100 percent of the 1.4 million square feet of built space are office buildings, with specialty buildings next occupying 0 percent of the space.
Within a 400-foot radius of 110 East 42nd Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $104.3 million. The most recent of the three was International Rescue Committee which borrowed $85 million from International Rescue Committee, Inc. secured by the 862,071-square-foot, 219-unit office building (O4) on 374 Lexington Avenue on April 19, 2021.

Direct link to Acris document. link

In the third transaction, Meadow Partners through the entity 42nd Street Gorp Property LLC paid $5.1 million to SL Green Realty through the entity 110 E42 Garage Owner LLC for property at 110 East 42nd Street in Grand Central, Manhattan.
The deal closed on December 21, 2021 and was recorded on January 26, 2022.
The property has 12,534 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $404 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 3, 2013, for $5.7 million.
The signatory for SL Green Realty was Andrew S. Levine. The signatory for Meadow Partners was Jeffrey M. Kaplan.
Prior to this transaction, the buyer Meadow Partners purchased seven properties in five transactions for a total of $264.6 million and sold two properties in two transactions for a total of $57.8 million over the past 24 months.
The seller SL Green Realty purchased six properties in six transactions for a total of $396.9 million and sold 15 properties in 13 transactions for a total of $2.2 billion over the same time period.

On the tax block, the majority, or 100 percent of the 1.4 million square feet of built space are office buildings, with specialty buildings next occupying 0 percent of the space.
Within a 400-foot radius of 110 East 42nd Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $104.3 million. The most recent of the three was International Rescue Committee which borrowed $85 million from International Rescue Committee, Inc. secured by the 862,071-square-foot, 219-unit office building (O4) on 374 Lexington Avenue on April 19, 2021.

Direct link to Acris document. link