The Moinian Group to Acquire Final 20-Percent of Sky, Taking Full Ownership of Manhattan’s Largest Residential Tower
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— Developer completes transaction with frequent investment partner SL Green—
NEW YORK--(BUSINESS WIRE)--
The Moinian Group announced today that it has reached an agreement to reacquire the final 20-percent ownership in Sky, Manhattan’s largest residential tower. Upon completion of the transaction, set to close in the second quarter of this year, The Moinian Group will become 100-percent owner of the property it developed at 605 West 42nd Street. The Moinian Group previously sold a minority interest in the project to SL Green, and will now reacquire the remaining ownership interest from the REIT.
“The Moinian Group has had a long and prosperous relationship with SL Green and the reacquisition of Sky’s remaining interest has only enhanced our collaborations,” said The Moinian Group’s CEO Joseph Moinian. “We have immense respect for SL Green and look forward to working with them on many other transactions in the years to come.”
Located on West 42nd Street between 11th and 12th Avenues, Sky is a 71-story, 1,200,000-square-foot luxury residential tower with 1,175 units and nearly 68,000 square feet of retail space with Volvo occupying 58,626 square feet. The residential units are fully leased, while Life Time Fitness occupies 65,228 square feet of indoor and outdoor space.
The Moinian Group has several other high-profile commercial properties in its portfolio, including: 3 Hudson Boulevard, the 1.9 million-square-foot office tower under development in the heart of the Hudson Yards District with JV-partner Boston Properties; The Moinian Group’s headquarters building at 3 Columbus Circle; the under-construction Hudson Arts Building at 220 11th Avenue; 535-545 Fifth Avenue, all in New York; as well as the International Jewelry Center in Los Angeles; and Renaissance Tower in Dallas; among others.
About The Moinian Group
Founded by Joseph Moinian, The Moinian Group today owns and operates a diversified portfolio of assets across the United States and is among the only national real estate entities to develop, own and operate properties across every asset category, including office, hotel, retail, condos and rental apartments. The Moinian Group's holdings include high-profile assets in America's leading cities, including New York, Dallas and Los Angeles. For the past three decades, The Moinian Group has been a pioneer in the development of emerging areas of New York City such as Downtown and West Side of Manhattan, developing commercial, residential and mixed-use projects that combine luxury living, modern office space and high quality retail. The Moinian Group maintains a reputation for developing state-of-the-art, aesthetically distinguished properties as the firm continues to strive for excellence. More information on the Moinian Group and its portfolio can be found at www.moinian.com.
Marino – Account Director
Source: The Moinian Group
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