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SL Green (SLG) Announces Leasing at 7 Dey Street in Manhattan

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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.

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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