SL Green Property Sale Lawsuit Dismissed

SL Green Realty Corp. recently disclosed that the New York Supreme Court has dismissed legal claims made against the company regarding a cancelled property sale. In late 2009, SL Green, a real estate investment trust, had reached an agreement to sell an investment interest in an office building, located at 485 Lexington Avenue. Because the buyer had been unable to meet the conditions imposed by the lender of the property, the sale was cancelled. However, the buyer filed a lawsuit in an attempt to force SL Green to transfer the property to it at a reduced price without lender consent, and also filed a Notice of Pendency to prevent SL Green from selling the property to another buyer. The Court dismissed the claims and cancelled the Notice of Pendency.

Despite the lawsuit, SL Green has continued to manage the building and provide tenant service without interruption, and is already moving forward to dismiss any remaining claims.