Court Dismisses Certain Legal Claims Made
Against SL Green Regarding Cancelled Property
Sale
June 24, 2010 03:37 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--SL Green Realty Corp. (NYSE: SLG) today disclosed that the
New York State Supreme Court has dismissed certain legal claims made against the Company regarding a cancelled
property sale.
SL Green reached an agreement in late 2009 to sell an investment interest in an office building at 485 Lexington
Avenue in New York City, but the buyer failed to meet conditions imposed by the lender of the property. The buyer
then filed a lawsuit in an attempt to force SL Green to transfer the property to the buyer at a reduced price without
lender consent, and filed a Notice of Pendency to prevent SL Green from selling the property to anyone else. The
Court dismissed the claims which sought to compel SL Green to transfer the property, and cancelled the Notice of
Pendency.
SL Green President & Chief Investment Officer Andrew Mathias commented, "While it was unfortunate that the
buyer chose this course of action after being unable to meet the lender’s conditions and the transaction couldn't be
completed, the Court has verified that we fulfilled our obligations in seeking lender approval. Most importantly, we
have continued to manage the building and provide superior tenant service without interruption. The only remaining
claim is for damages, which the Court stated is limited to a return of the deposit, and since we have already refunded
the deposit we will be moving to dismiss that claim as well.”
Company Profile
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that
predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only
publicly held REIT that specializes in this niche. As of March 31, 2010, the Company owned interests in 30 New
York City office properties totaling approximately 24,258,700 square feet, making it New York'