SL Green To Acquire Manhattan Residential Cum Commercial Property For $386 Mln.

(RTTNews) - SL Green Realty Corp. (SLG) Wednesday agreed to acquire The Olivia property in Manhattan for $386 million. Olivia is a mixed-use residential and commercial building, situated at the gateway to Manhattan's far west side. The acquisition also includes an adjacent lot.

The 36-story, 492,987-square-foot building, which was completed in 2012, includes 333 luxury rental apartments. The commercial space, which is 100 percent leased at below-market rental rates, consists of 270,000 square feet and includes a 14-screen movie theater, five ground-level retail stores, two office suites.

"We see this acquisition as a great opportunity to expand our multifamily investment platform at a time when the New York City residential market is strong," said SL Green President, Andrew Mathias.