SL Green Realty buys Park Ave Tower from Blackstone Group for $730M

SL Green Realty through the entity Park Avenue Tower Owner LLC acquired an interest from Blackstone Group through the entity Bre Park Avenue Tower Member LLC valued at $730 million to own 100 percent of the office building (O4) at 65 East 55th Street in Midtown East, Manhattan. The sale was an entity level transaction, not a deed.
The deal closed on January 14, 2026 and was recorded on January 23, 2026. The property has 528,552 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,381 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 February 9, 2007, for $4 billion. The signatory for SL Green Realty was Andrew S. Levine.

The Commercial Observer reported on the then-pending sale of the Park Avenue Tower in October 2025.

Blackstone bought a 95% percent stake in the building in July 2014 for $750 million.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer SL Green Realty purchased 41 properties in eight transactions for a total of $716.3 million and sold seven properties in six transactions for a total of $813.1 million over the past 24 months.
The seller Blackstone Group purchased 17 properties in 11 transactions for a total of $530.2 million and sold 41 properties in seven transactions for a total of $1 billion over the same time period. The 528,552-square-foot property generated revenue of $55.5 million or $105 per square foot, according to the most recent income and expense figures.
The Real Deal reported on January 08, 2026 that SL Green borrowed $480 million from Wells Fargo, JPMorgan Chase, and Bank of America for 65 East 55th Street, New York, NY.

The property

The office building in Midtown East has 528,552 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 143 feet and is 200 feet deep with a total lot size of 30,966 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $293.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,310 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 14, 2017. On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling zero square feet. The largest, 122626426, is a major alteration project for a 528,542 square-foot B building submitted by Antoinette Polanco with plans filed December 8, 2015 and permitted May 27, 2016. The second largest, 123368275, is a major alteration project for a 528,542 square-foot B building submitted by Jeff Young with plans filed June 18, 2018 and permitted October 24, 2018.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the highest sale turnover among other neighborhoods in the city with $4.5 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 18.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 30 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the eight commercial properties representing 1,946,349 square feet of the 2,316,136 square feet. The largest owner is Hessen Lawyers Pension Fund, followed by Rxr Realty and then Blackstone Group.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 2.3 million square feet of built space are office buildings, with mixed-use buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Blackstone Group owned at least 43 commercial properties with 14,164 residential units in New York City with 18,673,544 square feet and a city-determined market value of $3.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.6 billion in debt, with top three lenders as Wells Fargo, Morgan Stanley, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 81 percent of the 18,673,544 square feet of built space are elevator properties, with office properties next occupying 13 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Queens next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that Sl Green Realty owned at least 38 commercial properties with 796 residential units in New York City with 18,410,684 square feet and a city-determined market value of $7.9 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 93 percent of the 18,410,684 square feet of built space are office properties, with elevator properties next occupying 3 percent of the space. They are all located in Manhattan.

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