NEW YORK, Sept. 07, 2021 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, and Douglas Elliman, one of the largest independent residential real estate brokerages in the United States, today announced the launch of leasing at 7 Dey Street. A 34-story, mixed-use building in Lower Manhattan, the property will be the neighborhood’s first development built under the Affordable New York Housing Program.
“We were proud to keep this building on schedule through the pandemic and are excited to bring 7 Dey to market as demand for prime Manhattan residential properties is surging,” said Brett Herschenfeld, Managing Director at SL Green. “Centrally located in one of New York’s leading transportation and economic hubs, 7 Dey brings world-class architecture and much-needed housing to Lower Manhattan.”
“Downtown is one of New York’s most sought after residential locations, and 7 Dey provides modern, sophisticated residences that are in high demand and short supply,” said Matthew Villetto, Executive Vice President, Douglas Elliman Development Marketing. “Combining first in class design and robust lifestyle and amenity offering in a boutique setting, 7 Dey is a standout address built for the way we live today.”
Located directly across from the Fulton Transit Center, the 260,000-square-foot building will consist of 17,000 square feet of flagship retail space at the base across the basement, ground and 2nd floors; 26,000 square feet of commercial space across floors 3 - 5 and 217,000 square feet of residential space. The column-free ground floor retail sits directly on Broadway and features 22-foot high ceilings. The Dey Street building frontage contains two separate entrance lobbies for the residential and commercial spaces.
FXCollaborative designed the 209-unit rental property, with a mixture of studio, one-bedroom, two-bedroom and three-bedroom units. Standing side by side with downtown classics, the stunning residence is a new addition for a neighborhood on the move that advances the architectural history of Lower Manhattan.
The building’s interiors were designed by INC Architecture & Design, including three floors of amenities. Units boast oversized living rooms, wall-to-wall windows, exceptional views and more. 7 Dey’s amenities include a co-working space, state-of-the-art fitness center designed by fitness visionary Jay Wright of The Wright Fit, club lounge, board room and abundant outdoor spaces via sprawling multi-level terraces and loggia space.
As part of the Bilt Rewards Alliance, 7 Dey Street will also offer residents access to Bilt Rewards and the Bilt Mastercard - the new loyalty program and co-brand credit card that enables residents to pay rent and earn points on their largest monthly expense with no fees. By partnering with Bilt, 7 Dey residents can redeem Bilt Rewards points towards travel with over 100 airlines and hotel partners, fitness classes at the country’s top boutique studios, a curated collection of art and home decor items through the Bilt Collection and more. Bilt Rewards also offers the ability for members to use points towards rent credits, or even towards a down payment on a future home.
The development was made possible in part through the use of unutilized air rights purchased by SL Green from the Metropolitan Transportation Authority (MTA), providing discretionary funding to the MTA.
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 value of Manhattan commercial properties. As of June 30, 2021, SL Green held interests in 77 buildings totaling 35.3 million square feet. This included ownership interests in 27.1 million square feet of Manhattan buildings and 7.4 million square feet securing debt and preferred equity investments.
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and one of the largest independent residential real estate brokerages in the United States. With approximately 7,000 agents, the company operates approximately 100 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 61 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.
About Douglas Elliman Development Marketing (DEDM)
Douglas Elliman Development Marketing, a division of Douglas Elliman Real Estate, 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 61 countries, representing an over $87 billion global new development portfolio. https://www.elliman.com/marketing
About Bilt Rewards
Bilt Rewards is the first-ever rewards program that allows renters to earn points on rent and builds a path towards homeownership. Through a June 2021 launch partnership with the nation’s largest real estate owners including SL Green Realty Corp., Avalon Bay Communities, Equity Residential, Related, Starwood Capital Group and more, Bilt Rewards will enable renters in more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 9 loyalty programs allowing travel across over 100 major airlines and hotel partners; fitness classes at the country’s top boutique studios including SoulCycle, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and the ability to use Bilt points for rent credits or towards a future down payment. Bilt has also partnered with Mastercard to create the Bilt Mastercard - the first and only credit card that can be used to pay rent with no fees. Bilt Rewards is a Kairos company. For more information, visit BiltRewards.com.
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, are forward-looking statements. 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 related to the on-going COVID-19 pandemic and the duration and impact it will have on our business and the industry as a whole and the other 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.
Matt DiLiberto
Chief Financial Officer
212.594.2700
