SL Green Realty sells 10 East 53rd St. for $312.2 million to Meadow Partners
Manhattan, NY SL Green Realty Corp. has sold 10 East 53rd St. for total consideration of $312.2 million to Meadow Partners. The transaction, which is expected to close in the third quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the company of approximately $100 million that will be used for corporate debt repayment.
“This transaction is a meaningful step forward in the execution of our $2.5 billion 2026 strategic disposition plan and further validates the value creation achieved through our redevelopment and asset management initiatives,” said Harrison Sitomer, president and chief investment officer of SL Green. “Following our acquisition of the remaining ownership interest in the property in December 2024, we positioned the asset to capitalize on strong investor demand for high-quality, well-located Midtown assets, and we look forward to continuing to manage the property moving forward.”
The 37-story, 390,000 s/f property, which is located in East Midtown between Fifth Ave. and Madison Ave., is 92% leased. SL Green acquired the property in 2012 and subsequently completed a comprehensive redevelopment and repositioning of the building. In December 2024, SL Green acquired its partner’s 45% interest in the property at a gross valuation of $236 million, resulting in the company owning 100% of the property prior to entering into this transaction.
Adam Spies, Adam Doneger and Avery Silverstein from Newmark advised on the transaction.