SL Green Announces the Sale of 7 Dey Street

Executive Summary

• SL Green Realty Corp. entered into a definitive agreement to sell the residential and retail components of 7 Dey Street for $222.6 million to GO Residential.
• SL Green will retain ownership of the 26,000 sq ft office portion (floors 3‑5) of the 260,000 sq ft building.
• The transaction is expected to close in Q2 2026, subject to customary closing conditions.

Key Details

• Total consideration: $222.6 million cash payable to SL Green.
• Assets sold: Residential (217,000 sq ft; 209 rental units, 99% leased) and flagship retail space (17,000 sq ft across basement, ground, and second floors).
• Asset retained: Office component – 26,000 sq ft of commercial space on floors 3‑5.
• Location: 7 Dey Street, Manhattan, directly opposite the Fulton Transit Center.
• Closing timeline: Expected in the second quarter of 2026, subject to customary closing conditions.
• Representatives:
• SL Green – Drew Isaacson and Rob Hinckley (JLL Capital Markets)
• Buyer – David Ash (Prince Realty Advisors)
• Strategic rationale: The sale aligns with SL Green’s strategy to “illuminate the value of selected assets and unlock embedded value,” while retaining office floors for future incremental upside.

Notable Quotes

“This transaction continues the execution of a deliberate strategy to illuminate the value of selected assets and unlock embedded value,” – Harrison Sitomer, President & Chief Investment Officer, SL Green.
“We are pleased to partner with GO Residential in a transaction that allows us to prove the value of best‑in‑class, new construction residential and retail properties, while retaining ownership of three office floors to realize future incremental value.” – Harrison Sitomer.