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Company dossier

SL Green

Manhattan's largest office landlord, and its most aggressive capstack player

Promote stories111
Podcast episodes21
Last coveredOct 30, 2026
On file sinceJan 2024

Who it is

SL Green is Manhattan's largest commercial landlord and, in The Promote's words, its deal-hungriest. It owns some 31M sf, mostly Midtown office, and its model is to lease hard, partner with patient foreign money and make its biggest gains in the capital stack. One Vanderbilt is the flagship. A 2024 stake sale to Japan's Mori Building valued it at $4.7B, a U.S. record, and it now sets rent records too. SLG also co-owns One Madison with Hines and Korea's NPS, and it is shopping roughly $2.5B of non-core assets to recycle capital.

Credit is where SLG has made its name lately. It bought back its own mezz at 280 Park at a steep discount, then landed Elliott as a tenant. It used a mezz position to take 625 Madison and flipped the tower to Related. It bought the debt on 522 Fifth at 60 cents on the dollar and was repaid at par. It has raised $1B-plus for a dedicated debt fund. Its in-house special servicer, Green Loan Services, has quietly become one of the country's busiest single-asset servicers. Green Loan has led workouts at the Helmsley Building and Parkmerced and is now special servicer on the GM Building loan. There have been misses: senior lenders moved to foreclose on Worldwide Plaza, TIAA has tried to evict SLG from the 2 Herald Square leasehold, the 750 Third conversion stalled, and the Times Square casino bid died in 2025.

Now the REIT is building and buying again. It has the Brooks Brothers site at 346 Madison with Mori Building and Park Avenue Tower for $730M. It is lining up a roughly $2B refinancing at 245 Park and was reportedly the front-runner on Hyundai's 15 Laight. The bench is thinner after deal veteran Brett Herschenfeld left in 2026. Wall Street remains unconvinced, and the stock has long traded at a discount The Promote finds hard to square with the deals.

The Promote's coverage111 stories, newest first

2026
  1. Oct 30
  2. Oct 28
    Weil E Coyote
    InsiderThe sudden death of a storied law firm raises questions at America's most famous office tower
  3. Oct 23
  4. Oct 19
    The Sovereign, the Scion, and the Suit
    InsiderThe archetypes bankrolling Manhattan's "it" buildings, plus: Flagstar hit in Nussbaum war
  5. Oct 19
    Insiders-Only: Backers (Conc.) 🔒
    InsiderIn: The Sovereign, the Scion, and the Suit
  6. Oct 5
    New Benchmark for Manhattan Single-Malt ™️
    InsiderIn: GOing to the Mattresses & Manhattan's New Single-Malt Benchmark
  7. Sep 30
    Insiders-Only: Schonbraun Runs it Back 🔒️
    InsiderIn: Is This the Greatest Assemblage Deal in Modern CRE History?
  8. Sep 23
    This week on the pod, we take stock of the tale of Lurin Capital, a multifamily syndicator now in the FBI's crosshairs. Jon Venetos was cut from very…
    Insider🎙️ Lurin's FBI Probe & the CapStack Snipers · The Promote Insider: Getting Granular on a Ground-Up Moonshot
  9. Sep 18
  10. Aug 10
    Petty Cash
    InsiderIn: 601W Closing in on BXP Tower & Petty Cash
  11. Jul 31
    Inside CRE’s Deal of the Century
    InsiderStevie, Sammy, Paulie and the fight for the Uris portfolio
  12. Jul 31
  13. Jul 29
  14. Jul 22
    Inside CXP's Bruising Restructuring
    Insider"Nonbinding" advice, capstack sniping and the rise of the hybrid dealmaker
  15. Jul 20
    Yellowstone’s SF Megamove
    InsiderIn: Yellowstone’s SF Megamove & Blue-Collar Bullion
  16. Jun 29
    Aby & Sons
    InsiderInside RFR’s quiet succession
  17. Jun 10
  18. Jun 8
    High Noon at Helmsley: Pt. II
    InsiderIn: Helmsley Shopped & A Brokerage Stalwart Folds
  19. Jun 5
    Shakeup at Green
    InsiderIn: Mad(ison) Men & Shakeup at Green
  20. Jun 3
    Capstack Chronicles: 63 Madison
    InsiderIn: Gold in Them Distressed Capstacks
  21. May 29
  22. May 24
    The Punch Mayweather Never Saw
    InsiderWe're all technically off today. But this is just too good
  23. May 8
    Cash Crop: Soloviev To Reap $526M in 9 West Refi
    InsiderIn: FiDi Telenovela's Happy Ending & Soloviev's $526M Cash Crop
  24. Apr 27
    WWGD: Deciphering a Tiny Extell Trade
    InsiderIn: Sphere of Life & Deciphering a Tiny Extell Trade
  25. Apr 24
  26. Apr 20
    ICYMI: SLG in pole position to step into Hyundai’s Tribeca boondoggle
    Quickies · LIC Megadeal Brewing & Diamond in the Rough
  27. Apr 17
    SLG Looks to Play Grease Monkey for Hyundai
    In: Grease Monkey Green & A Tax the Rich History Lesson
  28. Apr 17
    15 Laight - (Insiders-Only) 🔒
    In: Grease Monkey Green & A Tax the Rich History Lesson
  29. Apr 15
    Reset Basis
    In: Reset Basis & Multifamily's Icarus
  30. Apr 13
    Unquotable Quotes
    In: From Gordon Gekko to Section 8
  31. Apr 6
    Pref-erential Treatment & An NYC Succession Rundown
    How LaTerra/Respark got it done, Who's the Boss?, plus: An institutional multi blueprint
  32. Mar 30
  33. Mar 16
    Debt Brokers - Conclusion (Insiders-Only) 🔒
    In: Paper Chasers on Top & Commieserating
  34. Mar 9
    Yes, Chef!
    In: Games Lenders Play
  35. Mar 2
    WATCH - CRE Ponzinomics: The Schuster Story
    In: Mullah Moolah & 2 WTC Deal Deets
  36. Mar 2
    Larry’s White Whale: More Deets on 2 WTC Deal
    In: Mullah Moolah & 2 WTC Deal Deets
  37. Mar 2
    Darcy nabs SLG office tower listing (part of planned $2.5B selloff)
    Quickies · Mullah Moolah & 2 WTC Deal Deets
  38. Feb 23
  39. Jan 21
    Apollo/RXR/SLG upsize 5 Times Square resi conversion 🍟 🥤
    InsiderQuickies · The Quiet Partner Behind a Chicago Megadeal
  40. Jan 9
2025
  1. Dec 22
    A Random Walk Down Wall Street: Inside NYC’s Record Office-Resi Deal
    In: A Random Walk Down 111 Wall Street & CRE Junkie Gift Guide
  2. Dec 17
    If SL Green’s selling an asset: Run & Hide
    InsiderQuickies · Inside Lender-Driven Sales & a Utah Whodunit
  3. Dec 8
  4. Nov 19
    Gary Keeps Doing Gary Things - And Not Just in NYC
    InsiderIn: Large Loan Verrone Time & Barnett's Philly Special
  5. Oct 20
    SLG: Marc and Harry’s Excellent Adventure: Pt. II
    In: White-Collar Crackdown & SLG Playbook Pt. II
  6. Oct 17
    SL Green: Marc and Harry’s Excellent Adventure
    In: Inside the SL Green Playbook
  7. Oct 15
    The Developer Wears Prada
    InsiderIn: Banco Down to Brawl & The Developer Wears Prada
  8. Sep 29
    601W Gets Dursty & RBC's SF Woes Mount: Insider Teaser
    InsiderAnother big Veritas default, Dallas hits HFCs, plus: founding membership now open
  9. Sep 26
    Pod: Sobrato’s Silicon Sizzle & Macklowe Unfurled
    In: RXR's Feeapalooza & Sobrato's SV Sizzle
  10. Sep 22
    Santander Gets Heavy
    In: Apollo's Special Purpose & Santander Gets Heavy
  11. Sep 22
  12. Sep 19
  13. Sep 15
    RFR Alleges “Trojan Horse” on Madison Ave. Deal
    In: Trojan Horse on Madison & Brookfield's $10B Prefab Bet
  14. Sep 5
  15. Sep 3
  16. Aug 29
    New York Biggies Sizing Up Paramount
    In: Checkmating Tessler & a Brooklyn Bachur's Office Feast
  17. Aug 15
  18. Aug 4
    Unquotable Quotes
    In: Inside the Cortland-Elme Megadeal & Hines-Rialto Pounces
  19. Jul 23
  20. Jul 18
    Age of Empires: JPMorgan’s NYC Campus Play
    In: JPMorgan’s Roosevelt Play
  21. Jul 18
    Unquotable Quotes
    In: JPMorgan’s Roosevelt Play
  22. Jul 16
    New Pod: Attack of the Nepo Babies & A Manhattan Skyscraper Heist
    In: Attack of the Nepo Babies & Ballast's Clean Up Crew
  23. Jul 14
    Hizzoner’s Mamdani Windfall
    In: Cain's CRE Playbook & A Phantom Megaproject
  24. Jul 9
    To Kingdom Come: Related Reels in the Saudis
    In: BlackRock’s Theory of Everything & Related Reels in Riyadh
  25. Jun 30
    NY Bigwigs Jockey for Casino License
    In: S2's New War Chest & Houston's Big Oil Burden
  26. Jun 13
    Miracle on the Hudson 🔔
    In: A Brooklyn Development Odyssey & Flow's Rescue Pref
  27. Jun 6
  28. May 23
    NY blesses RXR/SLG/Apollo’s 1,250-unit conversion at 5 Times Sq.
    Quickies · NYC Rentopoly & A Dealmacher's Grand Larceny Charge
  29. May 19
    Pinterest in talks for 80K sf spread at SLG’s 11 Madison
    Quickies · Flow's Pref Side Quest & A Traveling HFC Hail Mary
  30. May 14
    An Unauthorized Guide to CRE’s Power Rankings
    In: Unauthorized Guide to CRE's Power Rankings & Chrysler Back in Play
  31. May 9
    Buy Now, Pay Later: A Skyscraper’s Unusual Sales Pitch
    In: USA V. Schuster & A Skyscraper Installment Payment Plan
  32. May 2
    RFR’s One-Click Checkout
    In: Rechnitz’s Righteous Gemstones & RFR's One-Click Salvation
  33. Apr 16
  34. Mar 14
  35. Mar 7
    Can Chetrit Beat the Heat?
    In: Heat on Chetrit & HUD in the Mud
  36. Mar 5
    Teacher Tantrum
    In: Fannie's Talking to the Right Crew & Multi Mega-Recap
  37. Feb 14
    🍁 pension fund AIMco shuttering NYC office @ SLG’s 1 Vandy
    Quickies · Crowdfunding Scam Highlights & the Goldman Mistress Back Channel
  38. Feb 7
    Syndicator Etch-a-Sketch
    In: Seagram Scores Mega Refi & A Fannie/Freddie Privatization Push
  39. Feb 7
    Worldwide Drama, NYC Style
    In: Seagram Scores Mega Refi & A Fannie/Freddie Privatization Push
  40. Jan 6
    Postscript: Jacob Chetrit
    In: DoJ Set to Sue Megalandlords & The Miami Empire that Asbestos Built
  41. Jan 3
    Unquotable Quotes
    In: Meridian's Freddie Restart & Jon Gray's Capital Convictions
2024
  1. Dec 30
    Apollo/RXR/SLG file for 942-unit resi conversion at 5 Times Sq.
    Quickies · CRE Storylines That Defined '24 – And Will Shape '25
  2. Dec 20
    Single-Malt Buildings
    In: Essex Crossing Underwater & Single-Malt Buildings
  3. Dec 16
    Child’s Play at 2 Park
    In: Zegen's Pvt. Credit Safari & Tides' Springing Recourse
  4. Dec 11
    SL Green refis 100 Park, signs purchase option agreement to buy out partner Prudential
    Quickies · NewPoint’s Unwanted Ride-or-Die & a Bombshell Yardi Ruling
  5. Dec 6
    Caisse 🇨🇦 commits $250M to SL Green’s 🗽-focused distressed fund
    Quickies · Fannie's Blacklist Blitz & a SY Retail Coup
  6. Dec 4
    High Noon at Helmsley
    In: Blackstone's Muni Moolah & High Noon at Helmsley
  7. Dec 4
    SL Green Buys Time at One Madison
    In: Blackstone's Muni Moolah & High Noon at Helmsley
  8. Nov 27
    SLG buying 500 Park from MS for $130M ($650/foot) 🏢
    Quickies · Nightingale's Federal Music & RXR's Kodak Moment
  9. Nov 22
    America’s Most Valuable Skyscraper
    In: Defaulter Circle of Life & America's Most Valuable Skyscrapers
  10. Nov 20
    Puncher’s Chance: Inside Mayweather’s Office Megabet
    In: Savanna's Billionaire Backer & Inside Mayweather's Strange Megabet
  11. Nov 6
    Yardeni, Ares Pounce in Manhattan
    In: Trump's CRE Doctrine & Chicago's mega-foreclosure fight
  12. Nov 1
    RXR & SLG restructure $1.3B debt on Times Sq. tower- Apollo goes from mezz—> equity
    Quickies · Freddie's Syndicator Slap & Cooper Union's Ground Game
  13. Oct 16
    Pretty Boy Takes Manhattan 🥊
    In: Inside Syndicators' Favorite Housing Loophole & Mayweather's KO Deal
  14. Oct 14
    The Mod Squad
    In: CRE's Sporting Scene & the Pied Piper of Sutton Place
  15. Oct 2
    Manhattan is still Manhattan
    In: Many Saints of Newark & Manhattan Strikes Back
  16. Sep 25
    Primo Midtown office focus gives SL Green its mojo back
    Quickies · Singer's CRE Song & FTC's Invitation Homes Smackdown
  17. Sep 18
    Blaze of Inglory
    In: Blaze of Inglory & Sheikhing Up Data Centers
  18. Sep 13
    What’s NYC Distressed Debt Worth?
    In: Lads of Lakewood & Fundraising Spin Doctors
  19. Sep 4
  20. Aug 23
    Why Did the Koreans Fail? Part II
    In: RealPage's Judgment Day & Korean Skyline Sins Pt. II
  21. Aug 19
    Why Did the Koreans Fail? Part I
    In: Korean Skyline Sins & Brotherly Ressler Bonds
  22. Aug 14
    RXR/SLG exploring resi conversion of 5 Times Square
    Quickies · Brickman "Steps Down" & Mega-Foreclosure Back On
  23. Aug 7
    Tragicomedy in Times Square
    In: Tragicomedy in Times Square & A $5B Debt Hunt
  24. Jul 15
    The Taking of Madison Six Two Five
    In: Arbor Responds & Wire Fraud Nostalgia
  25. Jul 1
    Some Towers Are Worth Fighting For
    In: When BlackRock Owns Your Report Card
  26. Jun 24
    For Sale By Banker
    In: For Sale By Banker & RealPage Bites Back
  27. May 6
    Capital Stack Comeuppance
    In: Capital Stack Comeuppance & Miami Turns It Down
  28. Apr 19
    Blame Canada
    In: WeWork-Neumann Game of Chicken & Landlords Find Leverage in Debt
  29. Mar 18
    “1929 For Offices:” But Where the Sales At?
    In: 1929 For Offices, Not All Who Sonder Are Lost & the Sternlicht Hero's Journey
  30. Jan 31
    Worldwide Woes
    In: The Promote: Domino's Dealmaker, Billionaire Multifamily Fetish & NYCB's World of Hurt

On The Promote Podcast21 episodes

  1. Nov 4
    2026
    Arbor's Looking Glass and Alexandria's Pipette Dreams
    PodcastEp. 82 · Discussed at 12:06
  2. Oct 7
    2026
    Mana From Hedgie Heaven & Blue Owl Force Majeured
    PodcastEp. 78 · Discussed at 04:42
  3. Sep 23
    2026
    Lurin's FBI Probe & the CapStack Snipers
    PodcastEp. 76 · Discussed at 01:42, 02:10, 24:16, 26:07 and 6 more
  4. Sep 16
    2026
    The Last Tower & Blackstone's Lair Cake
    PodcastEp. 75 · Discussed at 30:34
  5. Jul 22
    2026
    Stairway to Heaven & Parkmerced's Odyssey
    PodcastEp. 69 · Discussed at 33:27
  6. Jul 8
    2026
    S2pocalypse Now & Pimco's Puppet Master
    PodcastEp. 67 · Discussed at 11:43, 17:27
  7. Jun 10
    2026
    Not Easy Being [SL] Green & TPG's Shelf Life
    PodcastEp. 64 · Discussed at 00:43, 13:22, 14:19, 14:26 and 11 more
  8. Apr 22
    2026
    The Frum Fraudfather & Pied à Terre Purgatory
    PodcastEp. 57 · Discussed at 07:37, 08:21, 08:50
  9. Apr 8
    2026
    Mass Alt-luence & There's Something About Rabsky
    PodcastEp. 55 · Discussed at 23:20
  10. Mar 25
    2026
    Reubens on Rye and Apollo's Divine NNNtervention
    PodcastEp. 53 · Discussed at 18:29
  11. Mar 4
    2026
    Larry's White Whale & Jamestown Puckers Up
    PodcastEp. 50 · Discussed at 03:34
  12. Feb 25
    2026
  13. Feb 4
    2026
  14. Nov 19
    2025
    Sonder's Mercy Killing and the Mooch's OZ Misadventure
    PodcastEp. 37 · Discussed at 04:14
  15. Oct 1
    2025
    Brookfield's $10B YES! & RXR's OPM Masterclass
    PodcastEp. 30 · Discussed at 21:05, 22:51
  16. Aug 13
    2025
    Talking Tycoons: Tom Cousins & Jacob Chetrit
    PodcastEp. 23 · Discussed at 20:17
  17. Jul 16
    2025
    Attack of the Nepo Babies & A Manhattan Skyscraper Heist
    PodcastEp. 19 · Discussed at 03:13, 04:28, 06:52, 10:24 and 1 more
  18. Jul 9
    2025
    Mamdani Fear Factor & Hyatt's Friends with Benefits
    PodcastEp. 18 · Discussed at 00:00, 23:07, 23:40
  19. Apr 30
    2025
  20. Mar 17
    2025
    Heat on Chetrit & Cohen's Fortress of Pain
    PodcastEp. 2 · Discussed at 0:00
  21. Mar 8
    2025
    Bad Boy Carveouts & Skyscraper Ransoms
    PodcastEp. 1 · Discussed at 0:00