SL Green Realty, New York City's biggest office landlord, has struck a deal to sell 110 Greene St. in SoHo for $226 million, the company announced Wednesday. The buyer is Manhattan-based Natora Group, a little-known firm that did not immediately respond to a request for comment. The transaction matters because it moves SL Green closer to the $2.5 billion sell-off goal it announced last year, while also showing that even in a resurgent office market, older buildings far from transit hubs are trading at discounts to their prior valuations.
The 13-story, 223,000-square-foot building was constructed in 1910 and is also known as The SoHo Building. SL Green acquired a 90% interest in the property in 2015 at a $255 million valuation, meaning the $226 million sale price represents a discount to that earlier figure. The deal is expected to close in the fourth quarter and would generate $216 million of cash for SL Green. The building is not encumbered by a mortgage, according to the REIT's 2025 annual report, and it was 95% leased at the end of 2025 to a total of 52 tenants. The ground floor is home to a Balenciaga store in the heart of SoHo's cobblestone-street shopping district.
SL Green President and Chief Investment Officer Harrison Sitomer said in a statement that the company's leasing strategy brought the building to full occupancy at market-leading rents, adding that the transaction "further signifies the depth of domestic and international buyers in the market across varying property types." Eastdil Secured Savills' Gary Phillips, Will Silverman and Carly Shoulberg arranged the deal. The sale follows a June agreement to sell 10 E. 53rd St. to Meadow Partners for $312 million, as well as earlier sales this year of a Financial District apartment tower for $223 million and a 49% stake in its upcoming office project at 346 Madison Ave.
The sale has broader implications for New York City's commercial real estate market. SL Green said it plans to use the proceeds from 110 Greene St. to pay off corporate debt, which totaled more than $4.5 billion at the end of June, up half a billion dollars from six months prior. The deal also arrives during a slower period in the city's investment sales market. Overall investment sales dipped by 6% between the first and second quarters, falling from $8.3 billion to $7.8 billion, according to Cushman & Wakefield. Still, the first half of the year saw 31% higher transaction volume than a year prior, and more investors are signaling they are ready to buy Manhattan offices again.
The evidence base for this analysis is limited to a single full-text source from Bisnow New York, so several details remain unconfirmed. The dossier does not include Natora Group's financing terms, its investment strategy, or any independent confirmation of the sale price beyond SL Green's announcement. It also does not specify how the $226 million price compares to current market rents or recent comparable SoHo transactions. What to watch next is whether the deal closes in the fourth quarter as expected, whether SL Green continues to meet its $2.5 billion sell-off target, and whether the discount on 110 Greene St. signals broader pricing pressure for older office buildings outside prime transit-adjacent corridors.