SL Green sheds minority stake in Daily News Building for $387M

The city’s largest office landlord, SL Green, has sold off a 49% stake in the famed Daily News Building more than a year after the Chetrit Group bailed on a deal to acquire the property.

A real estate fund managed by Meritz Alternative Investment Management picked up the minority chunk for $387, the company announced on Thursday, bringing the 1.1 million square foot building to a valuation of $790 million.

The sale garnered $136 million in cash for SL Green, which has retained a 51% interest in the property at 220 E. 42nd St. and will continue to oversee both leasing and management.

“This transaction demonstrates the

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