SL Green Realty Corp. Expands Loan on 1515 Broadway Location

SL Green Realty Corp. Expands Its Mortgage on 1515 Broadway

SL Green Realty Corp. (NYSE: SLG), recognized as Manhattan's largest landlord for office spaces, recently announced an important development regarding a significant property in its portfolio. The company has successfully completed the modification and extension of a $742.8 million mortgage on 1515 Broadway, with the maturity date now stretched to March 2028. This extension comes while maintaining a competitive interest rate of 3.93%, a key factor in SL Green's strategic financial planning.

Strengthening Financial Position

Brett Herschenfeld, Executive Vice President for Retail and Opportunistic Investments at SL Green, emphasized the significance of this modification, stating: "This is another successful step in executing our plan to extend our debt maturity profile and reflects the strength of the Midtown Manhattan office market." This strategic financial move allows SL Green and its partners the necessary flexibility to focus on future initiatives.

Expanding Entertainment Ventures

One such initiative is the pursuit of transforming the renowned Caesars Palace Times Square, an exciting endeavor that brings together prominent entities like Caesars Entertainment and Roc Nation. The aim is to redefine 1515 Broadway into a remarkable entertainment hub, complementing its prime location within the legendary Times Square. This venture positions SL Green to play a pivotal role in enhancing the entertainment district that attracts millions of visitors yearly.

1515 Broadway: A Landmark Property

The building in question, 1515 Broadway, is a notable 54-story office tower perfectly situated in Times Square, a bustling area famous for its lights, theaters, and attractions. It stands proudly between 44th and 45th Streets and is uniquely positioned within New York's vibrant Broadway theater district, providing easy access to 14 subway lines. Currently, the tower is fully leased to Viacom, housing the Minskoff Theatre, known for hosting Disney's iconic musical, "The Lion King." This strengthens SL Green's appeal as a central player in the New York commercial real estate market.

Future Gaming Licenses

As part of its forward-looking strategy, SL Green, along with its partners, has submitted a proposal to convert 1515 Broadway into an entertainment destination, competing for one of three gaming licenses expected to be awarded in downstate New York in the near future. This exciting development could provide significant growth opportunities and further bolster SL Green's position in the NYC real estate landscape.

About SL Green Realty Corp.

SL Green Realty Corp. is a fully integrated real estate investment trust (REIT) focused primarily on acquiring, managing, and enhancing the value of commercial properties throughout Manhattan. As of the most recent financial review, SL Green has ownership stakes in an impressive 55 buildings that encompass a total of 31.8 million square feet. This figure includes direct interests in 28.1 million square feet of Manhattan properties, alongside 2.8 million square feet affiliated with debt and preferred equity investments. This diverse portfolio solidifies SL Green's reputation as a key player in the real estate sector.

Frequently Asked Questions

What recent action did SL Green Realty Corp. take regarding 1515 Broadway?

SL Green announced the modification and extension of a $742.8 million mortgage on 1515 Broadway, extending the maturity date to March 2028.

What is the interest rate on the mortgage for 1515 Broadway?

The interest rate on the mortgage remains at 3.93%, providing a financially strategic position for SL Green.

What plans does SL Green have for 1515 Broadway?

SL Green plans to transform 1515 Broadway into a world-class entertainment destination, vying for gaming licenses expected to be awarded soon.

Who are the partners involved in the 1515 Broadway project?

SL Green is partnering with Caesars Entertainment and Roc Nation to develop 1515 Broadway into a notable entertainment hub.

How does SL Green view the current office market in Manhattan?

SL Green's Executive Vice President noted confidence in the strength of the Midtown Manhattan office market.

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