Handsome Profit for SL Green on 292 Madison

SL Green’s sale of 292 Madison is a done deal, and the prolific city landlord made a healthy profit off the transaction.

The 193,000-square-foot, 26-story office building sold for $140 million on June 7, according to city records. The New York Post reported when the deal went to contract back in April to the Los Angeles-based Metropolitan Real Estate Investors.

The folks over at SL Green are probably patting themselves on the back. They purchased the building in a package deal, along with 286 and 290 Madison, back in 1999, for approximately $145 per square foot. Eight years later, the landlord is getting almost $725 per square foot for the property on the corner of Madison Avenue and 41st Street.

292 Madison is the “other” building that Metropolitan picked up when it made headlines in April for snagging a piece of the Lipstick Building at 885 Third Avenue for $648.5 million. In July, SL Green announced that they had paid $317 million for the majority of the land beneath the property, giving them control of 79 percent of the fee portion of the building and 21 percent of the leasehold position.