All articles tagged with #sl green
The bid for a Caesars-backed casino in Times Square was rejected by a community advisory committee, failing to secure the necessary votes to proceed, amid local opposition concerned about crime, traffic, and the impact on Broadway.
SL Green has sold a 50% stake in 245 Park Avenue to Japanese developer Mori Trust for $2bn, in the largest office sale since the Federal Reserve's rate hikes froze commercial real estate markets. The deal provides price discovery for investors trying to value office properties in an era of hybrid work and high borrowing costs. Mori Trust's deal marks its first acquisition in New York City as it expands its footprint in the US.
Despite a virtual standstill in the sales market for office properties, New York-based REITs SL Green and Vornado Realty Trust are planning large-scale asset sales this year to raise cash and buy back shares. SL Green is looking to achieve the largest single-year debt reduction in the company’s history and to buy back its stock, while Vornado will look to sell a mix of retail and office assets to fund its share buyback program. Both companies are under pressure to shore up their balance sheets as their stock prices plummet and debt costs mount.