housemoving gonk: SL Green and Stonehenge Partners Team up at 1080 Amsterdam ...

NEW YORK, Aug 08, 2012 (BUSINESS WIRE) ?
SL Green Realty Corp.

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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.

Ofer Yardeni, Managing Partner of Stonehenge, said, ?Our relationship
with SL Green is certainly off to a great start. Capitalizing on our
respective strengths, we seek to take advantage of the best property
ownership opportunities, acquire those properties, and then maximize
value in ways that appeal to tenants while also meeting our objectives
as investors. Together, we believe we are building a strong foundation
for long-term success.?

About SL Green:

SL Green Realty Corp., New York City?s largest office landlord, is the
only fully integrated real estate investment trust, or REIT, that is
focused primarily on acquiring, managing and maximizing value of
Manhattan commercial properties. As of June 30, 2012, SL Green owned
interests in 71 Manhattan properties totaling more than 39.2 million
square feet. This included ownership interests in 27.4 million square
feet of commercial properties and debt and preferred equity investments
secured by 11.8 million square feet of properties. SL Green also owns
385 residential units in Manhattan encompassing approximately 0.5
million square feet. In addition to its Manhattan investments, SL Green
holds ownership interests in 32 suburban assets totaling 6.9 million
square feet in Brooklyn, Queens, Long Island, Westchester County,
Connecticut and New Jersey, along with four development properties in
the suburbs encompassing approximately 0.5 million square feet.

About Stonehenge Partners:

Stonehenge Partners is a fully integrated real estate company which was
founded over 18 years ago by Ofer Yardeni and Joel Seiden. The Company
owns and manages a 26 building portfolio encompassing over 3,000 rental
apartments and close to 800,000 square feet of retail, office and garage
space. The Company is headquartered at 888 Seventh Avenue in Manhattan.

Forward Looking Statements

This press release includes certain statements that may be deemed to
be ?forward-looking statements? within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future, including such matters as
future capital expenditures, dividends and acquisitions (including the
amount and nature thereof), development trends of the real estate
industry and the Manhattan, Brooklyn, Queens, Westchester County,
Connecticut, Long Island and New Jersey office markets, business
strategies, expansion and growth of our operations and other similar
matters, are forward-looking statements. These forward-looking
statements are based on certain assumptions and analyses made by us in
light of our experience and our perception of historical trends, current
conditions, expected future developments and other factors we believe
are appropriate.

Forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially, and we caution
you not to place undue reliance on such statements. Forward-looking
statements are generally identifiable by the use of the words ?may,?
?will,? ?should,? ?expect,? ?anticipate,? ?estimate,? ?believe,?
?intend,? ?project,? ?continue,? or the negative of these words, or
other similar words or terms.

Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties that may cause our actual
results, performance or achievements to be materially different from
future results, performance or achievements expressed or implied by
forward-looking statements made by us. These risks and uncertainties
include the effect of the credit crisis on general economic, business
and financial conditions, and on the New York metropolitan real estate
market in particular; dependence upon certain geographic markets; risks
of real estate acquisitions, dispositions and developments, including
the cost of construction delays and cost overruns; risks relating to
structured finance investments; availability and creditworthiness of
prospective tenants and borrowers; bankruptcy or insolvency of a major
tenant or a significant number of smaller tenants; adverse changes in
the real estate markets, including reduced demand for office space,
increasing vacancy, and increasing availability of sublease space;
availability of capital (debt and equity); unanticipated increases in
financing and other costs, including a rise in interest rates; our
ability to comply with financial covenants in our debt instruments; our
ability to maintain our status as a REIT; risks of investing through
joint venture structures, including the fulfillment by our partners of
their financial obligations; the continuing threat of terrorist attacks,
in particular in the New York metropolitan area and on our tenants; our
ability to obtain adequate insurance coverage at a reasonable cost and
the potential for losses in excess of our insurance coverage, including
as a result of environmental contamination; and legislative, regulatory
and/or safety requirements adversely affecting REITs and the real estate
business, including costs of compliance with the Americans with
Disabilities Act, the Fair Housing Act and other similar laws and
regulations.

Other factors and risks to our business, many of which are beyond our
control, are described in our filings with the Securities and Exchange
Commission. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of future events, new
information or otherwise.

SOURCE: SL Green Realty Corp.

          SL Green         Andrew Mathias, 212-594-2700         President         or         Heidi Gillette, 212-594-2700         Director, Investor Relations

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