SL Green sells 110 Greene Street in SoHo to Natora for $226M

SL Green Realty is selling 110 Greene Street, a 13-story SoHo office building anchored by Balenciaga’s flagship store, to Natora Group for $226 million, the companies announced this week. The deal is expected to close in the fourth quarter and adds another large disposition to SL Green’s push to shed up to $2.5 billion of real estate.

Why it matters

SL Green is New York’s largest office landlord, and its sales this year read as a signal for where buyers are willing to price Manhattan office and mixed-use assets. The company bought 110 Greene Street in 2015 for $255 million and is now selling at $226 million, a discount that reflects a decade of higher rates and a repriced office market even for a fully leased, Balenciaga-anchored building in one of the city’s tightest retail corridors. Natora Group is funding the purchase through a 1031 exchange tied to a separate sale of industrial buildings to Blackstone, another sign that capital is rotating between property types rather than leaving New York altogether. For developers watching gateway office, the trade suggests pricing has settled well below 2015-era peaks even on trophy-adjacent, retail-rich buildings.

The numbers

The $226 million price works out to roughly $1,013 per square foot across the building’s 223,000 square feet. SL Green expects to net about $216 million in cash proceeds, which it plans to use to repay unsecured corporate debt. The sale is part of a disposition program SL Green outlined in late 2025 targeting up to $2.5 billion in property sales, a list that has also included 1350 Sixth Avenue, 245 Park Avenue, and 750 Third Avenue, the last of which is being converted to apartments.

What’s next

The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions. SL Green President and Chief Investment Officer Harrison Sitomer said the transaction “further signifies the depth of domestic and international buyers in the market across varying property types.” With roughly $2.5 billion in targeted dispositions still in progress, SL Green’s remaining sales will keep serving as a running price check on Manhattan office and mixed-use assets as capital continues rotating out of gateway office towers and into other property types.