Friday: $6 billion, $6 million, and Brooklynite Baptists

One Green Madison

  • SL Green Realty, a dominant New York commercial landlord, will come close to becoming a monarchy when it purchases Reckson Associates for $6 billion. The deal won’t be done until next year, which means Green will have to salivate in anticipation over Reckson’s 18 million square feet of Manhattan gold (including 1515 Broadway and One Madison Ave., right). Then there’s RAR’s $2 billion worth of debt, which isn’t as glamorous. (Real Deal)
  • The market is cooling! The market is cooling! But stay calm, everyone, because the Wall Street Journal has advice: research places ‘with good investment potential’–and, we kid you not, ‘read real-estate blogs.’ And research. (WSJ)
  • George Soros’ butlers are incredibly upset: their boss will soon be turning his Southampton estate’s ‘staff quarters’ into $2 to $4 million dollar condominiums. What kind of buyers will the condo be attracting? Those who ‘don’t want the hassle of taking care of a whole house.’ Hamptons irony is the bitterest kind. (The Sun)
  • However, it’ll run you a bit more for a nice Hamptons-like garden in Manhattan. And if you want a Tribeca triplex penthouse loft with two planted terraces, plus a ‘landscaped garden utopia’ with lawn and stream, it will cost $6.5 million. And, thankfully, you get nice views. (New York Post)
  • Where should New York put it’s public schools and affordable housing? On an East Side landfill. (The 227-acre Gateway Estates will also boast a 625,000 square foot mall.) And who will help pay for all this– especially the 2,000 Gateway units of below-market housing? The City, the Lutherans, and the Brooklyn Baptists. (Crain’s)
  • Max Abelson