SL Green and Stonehenge Partners Team up at 1080 Amsterdam Avenue

SL Green Realty Corp.

announced today that it has formed a joint venture with Stonehenge Partners that will enter into a 99-year ground lease covering a residential building at 1080 Amsterdam Avenue. The joint venture will invest approximately $13 million into the transaction, including a complete redevelopment program which will begin shortly after the partnership takes possession. 1080 Amsterdam Avenue is a 82,250-square-foot, 20-story pre-war elevator building located just south of Columbia University's campus, at the northwest corner of Amsterdam Avenue and West 113th Street on Manhattan's Upper West Side. The property, comprised of 96 apartments and two commercial units, was most recently utilized by St. Luke's Hospital Center to house hospital staff. After taking possession, the SL Green/Stonehenge partnership will deploy a strategic renovation program to include common corridor upgrades and window improvements, as well as elevator, heating, and electrical system upgrades, in order to convert the property into a luxury Upper West Side residential address. The redevelopment is expected to be completed within 24 months from its commencement.