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SL Green to Buy Park Avenue Tower for $730 Million

The under-contract purchase signals SL Green’s push along Park Avenue during a Midtown leasing rebound.

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Overview

  • The 36-story, 622,000-square-foot tower at 65 East 55th Street is expected to close in the first quarter of 2026, according to the company.
  • Eastdil Secured’s Gary Phillips and Will Silverman negotiated the sale for Blackstone, which bought the building for about $750 million in 2014 and later funded renovations.
  • The property was reported 87% leased with average rents near $112 per square foot in January 2024, and Park Avenue vacancy was about 11% in the third quarter, per Cushman & Wakefield.
  • SL Green flagged the deal on its Q3 call alongside agreements to buy 346 Madison Avenue and 11 East 44th Street for $160 million and a separate 5% sale of One Vanderbilt to Mori Building.
  • CEO Marc Holliday said lenders have already reached out, and the company expects to finance roughly $475 million of the purchase with debt and cover the remainder with equity.