We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SL Green (SLG) Announces Leasing at 7 Dey Street in Manhattan
Read MoreHide Full Article
SL Green Realty Corp. (SLG - Free Report) , together with the residential real estate brokerage Douglas Elliman, recently announced the leasing of a residential tower at 7 Dey Street, a 34-story mixed-use building in Downtown, NY.
The 260,000-square-foot building, centrally located in the prominent transportation and economic hubs of New York, provides spaces for retail, commercial as well as residential purposes. This property, delivering 209 rental units, is likely to benefit from the growing housing demand in Lower Manhattan.
The property has an unparalleled combination of amenities and architectural design. The building, designed by FXCollaborative, offers a mixture of studio, one-, two- and three-bedroom units. These units have oversized living rooms and wall-to-wall windows with exceptional views.
This mixed-use property offers a wide array of amenities. The facilities include a co-working space, state-of-the-art fitness center, club lounge, board room, and abundant outdoor spaces through sprawling multi-level terraces and loggia space.
The development was made partly possible by using the unutilized air rights which SL Green brought from the Metropolitan Transportation Authority.
Per management, “7 Dey provides modern, sophisticated residences that are in high demand and short supply. Combining first in class design and robust lifestyle and amenity offering in a boutique setting, 7 Dey is a standout address built for the way we live today.”
The option of mixed-use development has gained immense popularity in recent years among those who prefer to live, work and play in the same area. As such, the leasing momentum for the property is likely to get a boost and SL Green is poised to benefit from the rising demand of residential properties in the Manhattan region.
However, softness in the retail real estate sector is a concern for SL Green. Also, high supply of office properties is a challenge for the company.
The Zacks Consensus Estimate for Duke Realty Corporation’s ongoing year’s FFO per share has been revised marginally upward over the past month. The company carries a Zacks Rank of 2 (Buy), currently.
The Zacks Consensus Estimate for CubeSmart’s (CUBE - Free Report) 2021 FFO per share has moved 7.4% upward over the past month. The company currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for Extra Space Storage Inc.’s (EXR - Free Report) current-year FFO per share has moved 3.6% north in the past 30 days. The company carries a Zacks Rank of 2, at present.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SL Green (SLG) Announces Leasing at 7 Dey Street in Manhattan
SL Green Realty Corp. (SLG - Free Report) , together with the residential real estate brokerage Douglas Elliman, recently announced the leasing of a residential tower at 7 Dey Street, a 34-story mixed-use building in Downtown, NY.
The 260,000-square-foot building, centrally located in the prominent transportation and economic hubs of New York, provides spaces for retail, commercial as well as residential purposes. This property, delivering 209 rental units, is likely to benefit from the growing housing demand in Lower Manhattan.
The property has an unparalleled combination of amenities and architectural design. The building, designed by FXCollaborative, offers a mixture of studio, one-, two- and three-bedroom units. These units have oversized living rooms and wall-to-wall windows with exceptional views.
This mixed-use property offers a wide array of amenities. The facilities include a co-working space, state-of-the-art fitness center, club lounge, board room, and abundant outdoor spaces through sprawling multi-level terraces and loggia space.
The development was made partly possible by using the unutilized air rights which SL Green brought from the Metropolitan Transportation Authority.
Per management, “7 Dey provides modern, sophisticated residences that are in high demand and short supply. Combining first in class design and robust lifestyle and amenity offering in a boutique setting, 7 Dey is a standout address built for the way we live today.”
The option of mixed-use development has gained immense popularity in recent years among those who prefer to live, work and play in the same area. As such, the leasing momentum for the property is likely to get a boost and SL Green is poised to benefit from the rising demand of residential properties in the Manhattan region.
However, softness in the retail real estate sector is a concern for SL Green. Also, high supply of office properties is a challenge for the company.
Shares of this Zacks Rank #3 (Hold) company have gained 15% year to date, underperforming the industry's growth of 25.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Key Picks
The Zacks Consensus Estimate for Duke Realty Corporation’s ongoing year’s FFO per share has been revised marginally upward over the past month. The company carries a Zacks Rank of 2 (Buy), currently.
The Zacks Consensus Estimate for CubeSmart’s (CUBE - Free Report) 2021 FFO per share has moved 7.4% upward over the past month. The company currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for Extra Space Storage Inc.’s (EXR - Free Report) current-year FFO per share has moved 3.6% north in the past 30 days. The company carries a Zacks Rank of 2, at present.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs