SL Green Extends Loan on 1515 Broadway
NEW YORK, Nov. 20, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has closed on a modification and extension of the $742.8 million mortgage on 1515 Broadway. The modification extended the maturity date by three years, as fully extended, to March 2028 and the interest rate was maintained at 3.93%.
“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,” said Brett Herschenfeld, Executive Vice President for Retail and Opportunistic Investments at SL Green. “This extension provides SL Green and our partners with the time and flexibility needed for our pursuit of Caesars Palace Times Square, bringing world-class entertainment to its most logical location in the heart of Times Square, the world’s greatest entertainment district.”
1515 Broadway is an iconic 54-story office tower located between 44th and 45th Streets in the heart of the world-famous Times Square bowtie, within New York City’s famed Broadway theater district and just steps from 14 subway lines. 1515 Broadway is fully leased to Viacom and is the home of the Minskoff Theatre (home to Disney’s musical, “The Lion King”). SL Green, Caesars Entertainment and Roc Nation have partnered on a proposal to convert the building into a world-class entertainment destination in a bid to win one of three gaming licenses expected to be awarded in downstate New York in 2025.
About SL Green Realty Corp.SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
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