Categorized | Commercial

New York’s Biggest Landlord Expands Its Portfolio

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New York’s largest office landlord, SL Green Realty Corp., has come together with Stonehenge Partners to add to its real estate portfolio. The two companies purchased eight properties in Manhattan for more than four hundred million dollars. The properties consist of both multifamily and retail properties, and include the building on Fifth Avenue that houses the retail store for the designer brand Prada.

While SL Green has been the biggest office landlord for quite some time, this was the first time that they added multifamily apartments to their portfolio. However, with the rental market continuing to show signs of growth as a proven profitable form of investment, it is likely that SL Green may add a few more to their portfolio in the near future.

With that said, retail properties will continue to make up the majority of investments made by SL Green. Analysts believe that SL Green is actually looking to convert the ground floor of some of the acquired apartment buildings into retail storefronts.

SL Green continues to focus its investments in the prime area of New York, where the commercial and rental real estate markets continue to remain relatively strong. As a result of this transaction, Stonehenge Partners has also bolstered its multifamily rental property portfolio. It now owns over two thousand five hundred apartments in New York.

Demand within the rental market continues to gain strength, which has leader to decreasing vacancy rates, and increasing rent prices in the past few months. Both figures are expected to improve even further as the housing market continues to experience greater struggles.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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