SL Green Announces Sellout of Giorgio Armani Residences at 760 Madison Avenue

NEW YORK, July 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp., Manhattan’s largest office landlord, today announced the sellout of the exclusive Giorgio Armani Residences on Manhattan’s Upper East Side. All 10 residential units within the premier luxury condominium project are now under contract for gross consideration totaling $168.2 million. The sales are expected to close in the fourth quarter of 2024.

“SL Green’s premier development platform, together with our partnership with Giorgio Armani, resulted in an extraordinary residential experience for buyers who understood the rarity of this New York City offering,” said SL Green Chief Investment Officer Harrison Sitomer. “We’re proud to have brought these select homes to market alongside such an esteemed fashion icon.”

760 Madison was conceived in collaboration with the renowned New York-based architecture firm COOKFOX and the award-winning Victoria Hagan, who served as creative consultant to SL Green. The ground-up new development features a stunning fluted limestone façade that reflects the classic nature of the Armani brand while respecting the historic aesthetic of the Upper East Side. Several of the units come with Central Park views and coveted outdoor space. Each home exudes the understated elegance for which Armani, COOKFOX and Hagan are known.

“Armani and SL Green conceived of a building like no other which has attracted the most discerning clientele from around the globe who’ve seized the opportunity to own a residence on one of the most iconic and coveted avenues in the world. We’re proud to have been a part of this irreplaceable development,” said Susan de França, President and CEO of Douglas Elliman Development Marketing.

Douglas Elliman Development Marketing (DEDM) has been the exclusive marketing and sales agency of record, led by award-winning brokers Sabrina Saltiel and Madeline Hult Elghanayan.

About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

About The Armani Group
Established in 1975 by Giorgio Armani, Chairman and CEO, the Armani Group is one of the leading fashion and luxury goods companies in the world. With 8,698 employees and nine production plants, the Group designs, manufactures, distributes and directly retails fashion and lifestyle products including apparel, accessories, eyewear, watches, jewellery, cosmetics, fragrances, and furniture and home décor and operates in the areas of food and beverage and hotellerie.

About Douglas Elliman Development Marketing (DEDM)
Douglas Elliman Development Marketing, a division of Douglas Elliman Realty, offers unmatched expertise in sales, leasing, and marketing for new developments throughout New York City, Long Island, Westchester, New Jersey, Florida, California, Massachusetts, and Texas. The company’s new development hybrid platform matches highly experienced new development experts with skilled brokerage professionals who provide unparalleled expertise and real time market intelligence to its clients. The firm is heralded for its achievements in record breaking sales throughout each of its regions. Drawing upon decades of experience and market-specific knowledge, Douglas Elliman Development Marketing offers a multidisciplinary approach that includes comprehensive in-house research, planning and design, marketing, and sales. Through a strategic global alliance with Knight Frank Residential, the world’s largest privately-owned property consultancy, the company markets properties to audiences in 53 countries, representing an over $87 billion global new development portfolio. https://www.elliman.com/marketing

Forward Looking Statement
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 New York metropolitan area 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, many of which are beyond our control, 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. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

Press Contact:
slgreen@berlinrosen.com

SLG – A&D