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Stuart Mass and Noah Shapiro Advise SL Green on 180 Broadway Project
SL Green to Build Student Housing Downtown
A partnership of SL Green Realty Corp. and Jeff Sutton plans to build a 24-story development at 180 Broadway for retail space and Pace University student dormitory housing. The partnership is a joint venture with Israel-based Harel Insurance and Finance; a spokesman for SL Green tells GlobeSt.com this is the REIT's first foray into student housing.
"We believe this property, when combined with the openings of the transit hub and the World Trade Center-related developments, will be an ideal home to premier retail tenants looking to take advantage of the resurgence of this Broadway corridor," SL Green president Andrew Mathias says in a release. SL Green/Sutton will retain a 51% controlling interest in the entire property, which is expected to be delivered in 2013.
According to a release from Pace, the agreement with SL Green/Sutton will fulfill an objective of the university's five-year strategic plan to put all of Pace's Downtown students within a five-minute walk from the Manhattan campus, located near City Hall.
. . . Haynes and Boone LLP attorneys Stuart Mass and Noah Shapiro, along with Fried, Frank, Harris, Shriver & Jacobson LLP, represented SL Green.
This article has been excerpted from Globe Street. To view the complete text, click here.