SL Green Hoping to Sell Off Debt To Kushner Cos.

SL Green Realty Corp. is expected to sell at least three loans attached to their New York City properties to generate cash. With roughly $150 million in debt, the company’s share price has plummeted by as much as 50% due to the coronavirus outbreak.

Last month, they intended to sell the historic Daily News building in Manhattan for $815 million. However, the deal collapsed and suspended share buybacks.

Kushner Cos. is in sales talks with SL Green regarding debt on a residential property in Brooklyn.

The pricing of the sales is unknown, but they are believed to be “below par,” according to Crain’s New York.

SL Green has also been in discussing with Newmark Knight Frank and Eastdil Secured regarding at least eight different loans.

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Read more in Crain’s New York, here: https://www.crainsnewyork.com/real-estate/sl-green-talks-sell-city-real-estate-debt-kushner-cim