The real estate market in New York City never sleeps. This is particularly true as of late with a massive turnaround taking place after many years of a down market. SL Green Realty Corp., one of the biggest and most well-known landlords in the Big Apple, is looking into acquiring space in International Gem Tower, one of the newest towers in the city. This building, completed last year in the Diamond District and developed by Gary Barnett, is sure to attract plenty of attention.
SL Green Realty Corp currently owns approximately 27 million square feet of commercial real estate in New York City. The company is in talks to buy the upper part of the tower, floors 22 through 34, which would add another 315,000 square feet to its total. At this time, it is not clear as to how much money SL Green Realty Corp is willing to pay for the space, but many believe that it could tip the scales in the $400 million range.
Things have been slow for the developer since the 34-story building was finished last year. The the upper floors remained unoccupied. While the deal between SL Green Realty Corp and the developer is not yet complete, it shows promise.
Anybody who lives or works in New York City is well aware of how much real estate there is to go around. There is always commercial space for sale, but it never comes cheap. If the time comes to make a purchase, you need to do your homework and have the right team on your side.
Source: Crain's New York Business, "SL Green mulls gem of a deal on West 47th Street" Daniel Geiger, Aug. 06, 2014