SL Green’s Busy Quarter
Commercial Observer
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New York City’s largest office landlord appears to have turned the proverbial corner, if its third-quarter results are any indication. SL Green reported strong leasing and cash flow in its latest numbers. Also for today: A beleaguered Gotham office landlord scored some good news with a Brooklyn site sale.
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— Tom Acitelli, Deputy Editor
SL Green Reports Strong Leasing and Cash Flow in Q3 Earnings
After years of being caught in the post-COVID office malaise, SL Green has seemingly righted the ship. SL Green reported $78.6 million in funds from operations (FFO) — a figure used by real estate investment trusts to designate cash flow — in the third quarter of 2024. While down from the $87.7 million FFO the firm reported for the same period in 2023, SL Green reported FFO of $437.9 million for the nine months of 2024, significantly larger than the $291.6 million FFO the firm reported the first nine months of the same period in 2023. Perhaps most impressively, SL Green reported it expects occupancy across its portfolio to reach 92.5 percent by the end of the year, outpacing the 90 percent occupancy rate the firm has reported for all of 2023 and much of 2024.
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RFR Gets Some Good News With $160M Sale of Gowanus Development Site
RFR Holding is in contract to sell its empty development site at 175 Third Street in Gowanus, Brooklyn, to Tavros Capital and Charney Companies for more than $160 million, an RFR spokesperson confirmed to Commercial Observer. If the sale of the development site goes through, Aby Rosen and Michael Fuchs’s RFR will reap a 39 percent profit on the $115 million they paid of the $115 million they paid for the site back in 2018. The Real Deal first reported the sale. “RFR acquired the site in anticipation of a rezoning of the Gowanus neighborhood,” a spokesperson for RFR said in a statement to CO. “This, combined with the robust design scheme we established for the site and qualification for the extension of the 421a tax abatement, has created a prime opportunity for the next phase of development under new ownership.”
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