Nonprofit signs lease with SL Green that includes structured condo sale valued at $26.7M

The nonprofit Young Adult Institute signed a lease agreement with SL Green Realty that included a structured purchase of commercial condo units  from the entity SLG 220 News Lessee LLC $26.7 million at the Daily News Building at 220 East 42nd Street in Grand Central. The deal closed on June 16, 2020, and was recorded on June 17, 2020. The transaction consists of 2 parcels, including the tax class commercial condo recorded in Acris (CC). Unit 1009 is 6,986 on a portion of the 7th floor, and unit 1011, with 47,707 for the entire 8th floor.

This is a structured transaction that is effectively a lease, not a sale. SL Green announced in late 2019 it would sell the Daily News Building for $815 million to Jacob Chetrit, but that deal fell apart, the Wall Street Journal reported in March 2020. SL Green bought the building in 2003 for $265 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 23, 2019.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link