SL Green acquires 690 Madison from Ashkenazy, with $74M transfer value

SL Green Realty through the entity 690 Madison Acquisition LLC acquired for a value of $74 million from Ashkenazy Acquisition through the entity 690 Madison Mezz Borrower LLC control of the retail building (K4) at 690 Madison Avenue in the Upper East Side, Manhattan.
The deal closed on September 30, 2021 and was recorded on October 12, 2021.
The property has 6,620 square feet of built space and 7,673 square feet of additional air rights for a total buildable of 14,290 square feet according to PincusCo analysis of city data. The sale price per built square foot is $11,171 and the price per buildable square foot is $5,175 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.)

This is an entity level transaction representing the transfer of ownership from Ashkenazy to SL Green. The entity 690 Madison Mezz Borrower LLC was originally created by Ashkenazy. The UCC foreclosure auction was September 23. PincusCo reported on SL Green acquiring control last week.

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