SL Green Closed 10 East 53rd at $310M, $2.2M Under the Announcement

SL Green’s sale of 10 East 53rd Street to Meadow Partners has closed, and the price on the deed is not the price that was announced. Document 2026080600374008, dated August 5 and recorded August 11, transfers the Midtown East tower from 10E53 OWNER LLC, care of SL Green Realty Corp., to 10 EAST 53RD GORP PROPERTY LLC, care of Meadow Partners, for $310,000,000. The June announcement valued the deal at $312.2 million. The gap is $2,200,000, and the closing has not otherwise been reported.

Why it matters

The useful number is not the gap, it is the debt. Meadow’s acquisition mortgage from Corebridge Institutional Investments (U.S.), LLC, recorded in the same batch, is $155,000,000: exactly 50.0 percent of the recorded price, the loan-to-value Newmark was reported to be seeking in June. A lender wrote half the capital stack on a 92 percent leased Class A Midtown building. For anyone pricing a comparable asset in New York, that is a recorded comp. The price is $844.97 per sq ft on the city’s own 366,879 sq ft building area for the lot, and $794.87 per sq ft on the 390,000 sq ft figure used in the announcement coverage. Same building, two denominators, $50 per sq ft of difference.

The numbers

SL Green paid $252,500,000 in 2012, a figure the record carries on the transfer tax return filed that February, and reporting puts the repositioning at about $170 million. That is roughly $422.5 million of nominal basis against a $310,000,000 exit, and it settles less than it looks. The $170 million is reported, not recorded. Fourteen years of depreciation, tax treatment and leasing economics sit between the two numbers. The ownership share moved, with a partner stake taken in at a $236 million valuation in 2014 and the remainder acquired in December 2024. The exit also retires about $204,287,500 of recorded SL Green paper. It cuts both ways. SL Green’s second quarter filing, submitted the day after the deed date, put the agreement at $310.0 million, so the filed figure matched the deed; the $312.2 million lived in the announcement.

What’s next

The same batch shows SL Green’s old debt as a $204,287,500 agreement with U.S. Bank, TD Bank and Wells Fargo, split into a $155,000,000 mortgage and a $49,287,500 mortgage naming both 10E53 OWNER LLC and 125 PARK OWNER LLC, plus a spreader agreement of the same amount naming both entities. The arithmetic closes. Whether 125 Park Avenue carried part of that obligation is for the third quarter filing to answer, along with the gain or loss SL Green books and where the roughly $100 million of net proceeds lands. Our read on the portfolio behind it is here.