SL Green Acquires 724 Fifth Avenue

SL Green Realty Corp. SLG today announced the closing of the acquisition of 724 Fifth Avenue in a joint venture partnership with Jeff Sutton. SL Green announced in October 2011 an agreement to acquire 724 Fifth Avenue as part of a larger agreement to acquire a portfolio of residential and commercial properties. The purchase price of this 12-story, 65,010 square foot property partially was financed with a 5-year $120.0 million floating rate mortgage which bears interest at 235 basis points over the 30-day LIBOR.