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SL Green to Sell 110 Greene Street in SoHo for $226 million
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Key Takeaways
SL Green Realty agreed to sell 110 Greene Street in SoHo for $226 million in the fourth quarter.
The deal is expected to generate $216 million in net cash proceeds for debt repayment.
SL Green Realty fully leased the property at what management called market-leading rents.
SL Green Realty Corp. (SLG - Free Report) has entered into an agreement to sell 110 Greene Street in SoHo to Natora Group for $226 million. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. The company expects approximately $216 million in net cash proceeds, which it plans to use to repay unsecured corporate debt.
The sale follows SL Green’s successful leasing strategy at the property, which brought the building to full occupancy at what management described as market-leading rents. President and chief investment officer Harrison Sitomer, said the transaction also demonstrates the depth of domestic and international buyers in the market across different property types.
110 Greene Street is a 13-story, roughly 223,000-square-foot Class A office property located between Prince and Spring Streets. The building benefits from access to SoHo’s shopping, restaurants and nightlife offerings, as well as multiple subway lines, while Balenciaga’s New York flagship store is located at the property.
The sale appears consistent with SL Green’s broader asset-monetization and balance-sheet strategy. As of June 30, 2026, 110 Greene was 95.1% leased and had approximately $19.6 million of annualized contractual cash rent, indicating that SL Green was monetizing an increasingly stabilized asset.
Similar to this transaction, the company completed the sale of 10 East 53rd Street for $312.2 million in August 2026. The transaction had been expected to generate approximately $100 million of net cash proceeds for corporate debt repayment.
Conclusion
The 110 Greene transaction is likely to provide SL Green with additional financial flexibility while demonstrating liquidity in well-located Manhattan assets. This is particularly relevant as Manhattan same-store office occupancy improved to 94.7% as of June 30, 2026. Combined with continued leasing progress and proceeds from dispositions such as 10 East 53rd Street, the sale supports SL Green’s efforts to recycle capital, reduce debt and concentrate resources on higher-return opportunities.
Over the past six months, shares of this Zacks Rank #3 (Hold) office REIT company have gained 37.2% compared with the industry’s growth of 3%.
The Zacks Consensus Estimate for DLR’s 2026 FFO per share is pinned at $8.40. This indicates year-over-year growth of 13.67%.
The Zacks Consensus Estimate for VNO’s 2026 FFO per share is pegged at $2.38. This calls for a year-over-year increase of 2.59%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITS.
View the Zacks #1 Rank List
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SL Green to Sell 110 Greene Street in SoHo for $226 million
Key Takeaways
SL Green Realty Corp. (SLG - Free Report) has entered into an agreement to sell 110 Greene Street in SoHo to Natora Group for $226 million. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. The company expects approximately $216 million in net cash proceeds, which it plans to use to repay unsecured corporate debt.
The sale follows SL Green’s successful leasing strategy at the property, which brought the building to full occupancy at what management described as market-leading rents. President and chief investment officer Harrison Sitomer, said the transaction also demonstrates the depth of domestic and international buyers in the market across different property types.
110 Greene Street is a 13-story, roughly 223,000-square-foot Class A office property located between Prince and Spring Streets. The building benefits from access to SoHo’s shopping, restaurants and nightlife offerings, as well as multiple subway lines, while Balenciaga’s New York flagship store is located at the property.
The sale appears consistent with SL Green’s broader asset-monetization and balance-sheet strategy. As of June 30, 2026, 110 Greene was 95.1% leased and had approximately $19.6 million of annualized contractual cash rent, indicating that SL Green was monetizing an increasingly stabilized asset.
Similar to this transaction, the company completed the sale of 10 East 53rd Street for $312.2 million in August 2026. The transaction had been expected to generate approximately $100 million of net cash proceeds for corporate debt repayment.
Conclusion
The 110 Greene transaction is likely to provide SL Green with additional financial flexibility while demonstrating liquidity in well-located Manhattan assets. This is particularly relevant as Manhattan same-store office occupancy improved to 94.7% as of June 30, 2026. Combined with continued leasing progress and proceeds from dispositions such as 10 East 53rd Street, the sale supports SL Green’s efforts to recycle capital, reduce debt and concentrate resources on higher-return opportunities.
Over the past six months, shares of this Zacks Rank #3 (Hold) office REIT company have gained 37.2% compared with the industry’s growth of 3%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Digital Realty Trust (DLR - Free Report) and Vornado Realty Trust (VNO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for DLR’s 2026 FFO per share is pinned at $8.40. This indicates year-over-year growth of 13.67%.
The Zacks Consensus Estimate for VNO’s 2026 FFO per share is pegged at $2.38. This calls for a year-over-year increase of 2.59%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITS.