To begin the yr, Marc Holliday’s SL Inexperienced is straddling two very completely different realities in Manhattan’s workplace market. The distinction is difficult to overlook.
On one aspect is 100 Park Avenue, the place the actual property funding belief seems firmly in management. Promoting a minority stake within the constructing to Rockpoint at a $425 million valuation gave SL Inexperienced a clear, early win because it kicks off a deliberate $2.5 billion selloff.
The transfer got here simply weeks after the agency purchased out Prudential’s 49 p.c stake at a $360 million valuation, put in contemporary fairness and rapidly circled and offered an curiosity at the next mark.
That form of sequencing sends a message: this isn’t a fireplace sale. The 900,000-square-foot tower is 95 p.c leased, buoyed by Alvarez & Marsal’s 220,000-square-foot deal, and sits simply south of Grand Central; it’s precisely the form of asset that’s nonetheless drawing capital.
By promoting partial pursuits as an alternative of complete buildings, SL Inexperienced is liberating up money to cope with excessive rates of interest whereas maintaining a hand on the wheel. Administration has framed the selloff as balance-sheet administration, not a pullback, and has already mentioned it plans to be again shopping for this yr.
Throughout Midtown, although, the tone is far more combative. At Worldwide Plaza, SL Inexperienced and RXR are combating in court docket to block a UCC foreclosure they are saying is designed to wrest management of the property fairly than get well mezzanine debt. The lawsuit in opposition to Extell Improvement paints the public sale as rushed, restrictive and tilted to scare off actual bidders.
It’s a high-stakes struggle over who will get leverage in restructuring almost $1 billion of CMBS debt.
The backdrop is ugly. Worldwide Plaza is simply about 63 p.c occupied, misplaced Cravath as its anchor tenant and was appraised at $345 million final yr, down sharply from its pre-pandemic peak.
Collectively, the properties present SL Inexperienced enjoying either side of the cycle: cashing in the place demand and liquidity nonetheless exist and digging in the place the trail ahead relies upon much less on leasing wins and extra on management, timing and the courts.
There’s been no scarcity of New York actual property headlines within the early days of 2026. Right here’s a number of the week’s different massive tales.
Judge rejects Mamdani’s bid to pause Pinnacle auction, paves way for Summit takeover
Within the first massive take a look at of Zohran Mamdani’s actual property coverage plans, a chapter decide rejected town’s bid to pause the public sale of over 5,000 rent-stabilized residences. The choice permits Summit Properties to proceed with a attainable takeover of Joel Wiener’s Pinnacle Group portfolio, although outcomes of Thursday’s public sale nonetheless weren’t public by the point of this writing.
“Broken promises” and unpaid bills: Law firm representing Chetrit seeks to withdraw from case
Legal professional Elliott Joffe accused the Chetrits of non-cooperation, offering unreliable information and unpaid authorized payments and is looking for to withdraw from representing Meyer Chetrit. The developer is battling a $132 million judgement owed to an entity of Maverick Actual Property Companions after a foreclosures case, in addition to legal fees of tenant harassment.
Judge awards $22M to JLL over Moshe Silber’s mortgage fraud
Moshe Silber and his enterprise companion, Fred Schulman, had been ordered to pay $21.7 million in restitution to their lender, JLL. The pair pleaded responsible greater than a yr in the past to a mortgage fraud scheme by which they obtained an inflated mortgage for a 976-unit rental property in Cincinnati.
Housing whirlwind: Mamdani wastes no time targeting “bad landlords”
Mamdani started his time period focusing on “dangerous landlords,” together with naming tenant advocate Cea Weaver as director of the relaunched Workplace to Shield Tenants. The town can be internet hosting “Rental Ripoff” hearings for tenants to voice grievances and assist form future coverage
Learn extra
SL Green starts $2.5B selloff with 100 Park deal
Holliday, Rechler, Barnett square off in Worldwide Plaza foreclosure brawl: “Sham auction”
Judge rejects Mamdani’s bid to pause Pinnacle auction, paves way for Summit takeover
