SL Green Extends Mortgage on 220 East 42nd Street

Core Insights - SL Green Realty Corp. has successfully modified and extended the mortgage on 220 East 42nd Street, reducing the principal balance by $9.0 million to $496.4 million and extending the maturity date to December 2027 [1][2]. Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT), focusing on acquiring, managing, and maximizing the value of Manhattan commercial properties [6]. - As of June 30, 2024, the company held interests in 55 buildings totaling 31.8 million square feet, including 28.1 million square feet of Manhattan buildings [6]. Mortgage Details - The interest rate on the modified mortgage remains at 2.75% over term SOFR, which has been fixed at 6.77% through the maturity date [2]. - The building, known as The Daily News Building, is currently 91% occupied with notable tenants such as Visiting Nurse Services, Omnicom Group, United Nations Development Program, and WPIX [4]. Market Position - The extension of the mortgage highlights the strong relationships SL Green has with lenders and reflects the confidence in Manhattan's office properties [3].