SL Green sells retail at 609 Fifth Avenue for $168M to Reuben Brothers

Reuben Brothers through the entity 609 5th Propco LLC acquired from SL Green Realty’s 609 Owners LLC the retail unit at 609 Fifth Avenue in the Plaza District. SL Green announced a sale price of $168 million in a press release, but the city’s Department of Finance published a sale price of $165 million.

The deal closed on May 22, 2020, and was recorded on June 2, 2020. The transaction consists of 1 parcel, including the tax class commercial condominium unit (R5). The condo is 27,854 square feet across several floors and a mezzanine.
The average sale price per square foot is $5,924.
SL Green continues to own the upper portion of the building, which is a single commercial condo.

In 2018, the square feet of the retail condominium was cut by 36 percent from 43,636 square feet to 27,854 by removing most of a mezzanine and the entire third floor and a portion of the fifth floor from the condominium.

CBRE’s Darcy Stacom, Doug Middleton and David Fowler represented SL Green in the transaction. Jeff Sutton and Eli Gindi acquired 609 Fifth Avenue in a joint venture with Blackstone Group for $65 million in 2002, but Sutton sold his interest to SL Green in June 2006.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 29, 2012.

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