SL Green Giant: The Developer That Ate Manhattan

  • Cipriani’s: Event space with 65-foot-high ceilings and marble columns on the ground floor, SL Green bought the building during its IPO and sold off interest in the office space upstairs in the spring of 2007, gaining nearly $84 million. The company has held on to the air rights.

    PropertyShark

  • Clearing the Sapirs: SL Green foreclosed on Tom and Alex Sapir’s 1 million–square–foot tower earlier this year and has begun repositioning the building, which lost most of its tenants after Sept. 11 and remained more than half-empty through 2009. SL Green took tacky chandeliers out of the lobby and began filling floors.

    Curbed

  • Media Manse: Home to Condé Nast’s Fairchild Publications, including Women’s Wear Daily, as well as to The Economist and Reader’s Digest.

    PropertyShark

  • Citigroup Headquarters: SL Green bought controlling interest of the bank’s towers as part of a $1.57 billion deal, one of the last big trades of 2008. Citigroup leased back the space in full. The bank also leases space in other SL Green properties in midtown and Long Island City.

    Ask.com

  • Connected to 750 Third Avenue and home to Citigroup and Travelers Insurance. Bids came into SL Green in 2008 and 2009, but the company held on as the market started to come back.

    PropertyShark

  • The Graybar Building: The Art Deco tower looming over Grand Central, where SL Green keeps its corporate headquarters.

    PropertyShark

  • Beamer Hub: Glass showroom for BMW bikes and cars on the ground floor, and home to the German automaker’s New York offices upstairs. CBS broadcasting also keeps 280,000 feet of offices there, spillover from the Blackrock on East 52nd Street.

    PropertyShark

  • The MetLife Building: When SL Green bought the original MetLife building by Madison Park for $918 million in 2005, it was the second-biggest property trade of the year, behind then–top landlord Tishman Speyer’s purchase of the new MetLife by Grand Central. Since then, the company has offloaded the building’s clock tower to become condos.

    wallyg/Flickr

  • A to B: SL Green bought a 50 percent stake in the tower by Grand Central in 2000, and invested $72 million to turn it into the first glass tower on Park Avenue. Earlier this month, the company signed AECOM, a Los Angeles–based Fortune 500 company that owns Tishman Construction, to anchor the building, completing SL Green’s repositioning.

    Property Shark

  • MTV HQ: Viacom was a big beneficiary of SL Green’s ‘Nobody Gets Out’ edict. The company renewed its lease in the building at the end of 2008, after SL Green cut $30 per square foot off the asking rent and threw in four months free.

    PropertyShark

  • The Lipstick Building: SL Green bought a controlling interest of the land under the building in 2007. The building is only two-thirds full, having lost, among other tenants, Bernie Madoff’s securities firm. Metropolitan Real Estate Investors, the Goldman Sachs–related group that owned the building, lost control of the tower to the Royal Bank of Canada after applying for bankruptcy protection this fall.

    weddingscometrue.com

  • Macklowes on Madison: Planned by Harry and Billy Macklowe before they lost most of the family real estate empire in the recession, this 30-story open-floor glass tower, designed for bankers and hedge funders, currently has one tenant—who is suing to get out. Boston Properties bought it this year. SL Green controls the senior mortgages.

    Property Shark

  • Clash of the Titans: SL Green is attempting to partner with Joe Moinian to stave off a takeover from Stephen Ross’ Related Companies. The building is more than 80 percent empty after new tenants have been kept away by a demolition clause, but SL Green could help Mr. Moinian complete his repositioning and fill it back up.

    Curbed