Spear Street pays $325M to SL Green for office building in Chelsea

Spear Street Capital paid $325 million to SL Green Realty for office buildings in Chelsea in two separate transactions.

In the larger, Spear Street Capital through the entity 641 AOA Owner, LLC paid $203.8 million to SL Green Realty through the entity 641 Sixth Fee Owner LLC for office building (O6) at 641 Avenue Of The Americas in Chelsea, Manhattan.
The deal closed on June 7, 2021 and was recorded on June 17, 2021.
The property has 149,885 square feet of built space and 0 square feet of additional air rights for a total buildable of 111,315 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,359 per the PincusCo analysis.

The signatory for SL Green Realty was Andrew S. Levine. The signatory for Spear Street Capital was John S. Grassi.
(121056999)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 4, 2012.
The contract date was May 17, 2021. The Commercial Observer reported that CBRE’s Darcy Stacom, William Shanahan and Doug Middleton represented SL Green in the sale.
Within a 400-foot radius of 641 Sixth Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit application filed on April 15, 2020 for a 51,430-square-foot B building residential units at 124 West 20th Street.
Of those five items, four were loans above $5 million totaling $106.8 million. The most recent of the four was Channa Taub which borrowed $40 million from Massachusetts Mutual Life Insurance Company secured by the 134,235-square-foot, 13-unit office building (O5) on 615 Avenue Of The Amer on February 2, 2021.

Direct link to Acris document. link

Spear Street Capital pays $121.2M to SL Green Realty for office building in Chelsea{

Spear Street Capital through the entity 635 Aoa Owner, LLC paid $121.2 million to SL Green Realty through the entity 635 Owner LLC for office building (O6) at 635 Avenue Of The Amer in Chelsea, Manhattan.
The deal closed on June 7, 2021 and was recorded on June 17, 2021.
The property has 76,651 square feet of built space and 0 square feet of additional air rights for a total buildable of 58,129 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,581 per the PincusCo analysis.
The owner bought the property on 26-Oct-12, for $45.0 million.
The signatory for SL Green Realty was Andrew S. Levine. The signatory for Spear Street Capital was John S. Grassi.
(121544999)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 8, 2015.

Direct link to Acris document. link