An SL Green subsidiary has announced its plans to sell a 49.5 percent interest in 485 Lexington Ave., a 32-story building between 46th and 47th streets. The buyer was Mazal 485 LLC, a joint venture partnership comprised of Optibase Ltd. and Gilmor USA LLC.
The purchase price was nearly $20.8 million plus a loan of $20 million, and includes $450 million of existing debt, which will remain outstanding. SL Green will retain an unencumbered 1 percent stake in the minority interest, an entity known as Green 485 JV LLC.
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