SL Green Lists Two Prime NYC Buildings for Sale Amid Rising Office Demand

SL Green, Manhattan's largest office landlord, is reportedly selling a SoHo office building and a midtown property on Madison Avenue as demand for Manhattan office properties increases. The move comes as the real estate market in New York City continues to recover from the pandemic. The sale is expected to be one of the largest office property deals in the city this year.

SL Green Realty Corp., Manhattan's largest office landlord, is marketing two prominent properties for sale as demand for office space in New York City rebounds. The company has hired brokerage Eastdil Secured to market 110 Greene St., a SoHo office building with a Balenciaga store, and 690 Madison Ave., a property just one block from Central Park that houses jeweler Van Cleef & Arpels [1].

The portfolio is expected to fetch roughly $300 million, according to a person familiar with the matter. Will Silverman, managing director at Eastdil, which is marketing the properties, described them as "two of the most coveted and impenetrable markets in global real estate." This year, the brokerage has facilitated about $17 billion of capital markets assignments in New York City [1].

The Manhattan office market has been picking up. In the three months through March, leasing was up 59% from a year earlier, according to CBRE Group Inc. [1]. Investors have been seeking to strike deals, with Amazon.com Inc. purchasing an office tower on Fifth Avenue near the Lord & Taylor Building and RXR agreeing to buy the office building at 590 Madison Ave. for nearly $1.1 billion [1].

The 13-story property at 110 Greene St. sits between Prince and Spring streets. Tenants at the 295,000-square-foot (27,406-square-meter) building include Avoro Capital. SL Green took control of 690 Madison Ave. through a foreclosure in 2021 and sold a stake to Jeff Sutton last year [1].

The sale comes as Midtown's best buildings are signed for, and even second- and third-rate offices are fast disappearing from the market, according to the New York Post. Lower Manhattan, however, is seeing a leasing boom, with 5.5 million square feet of workspace being converted for residential use [2]. "Midtown has become incredibly tight for large tenants looking for quality space," said Jonathan Mazur, executive managing director of national research at Newmark [2].

The Manhattan market overall has shed nearly 70% of the sublease space added during the pandemic, according to Mazur. "Quite a bit has been absorbed," he added [2]. The newly developed 107 Greenwich will soon be 96% leased, with much of the leasing activity coming from tenants forced to move due to conversions or upgrades [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-06-05/nyc-buildings-in-midtown-soho-are-going-up-for-sale-by-sl-green
[2] https://nypost.com/2025/06/03/real-estate/downtown-manhattan-sees-office-leasing-boom/