SL Green\u2019s Q3 funds from operations reached $122.1M, up from $109.6M in Q2 and $120.4M a year earlier, while net income jumped to $72.2M from $26.5M.
\n Sales of 10 East 53rd Street for $312.2M and 110 Greene Street for $226M drove the quarter, and hedging blunted a roughly 150 basis point rate swing.
\n Leasing slowed by deal count, with 38 Manhattan office leases versus 53 in Q2, although signed square footage rose to 591,108 SF from 445,161 SF.<\/p>\n
Key Takeaways<\/p>\n
SL Green\u2019s Q3 funds from operations rose to $122.1M as two Manhattan sales<\/a> supported results while leasing slowed, Commercial Observer reported.<\/p>\n That compares with $109.6M in Q2 and $120.4M in Q3 2025, and net income jumped to $72.2M from $26.5M in Q2.<\/p>\n Get Smarter about what matters in CRE<\/p>\n Stay ahead of trends in commercial real estate with CRE Daily \u2013 the free newsletter delivering everything you need to start your day in just 5-minutes<\/p>\n The Sales Behind the Quarter<\/p>\n In August, SL Green sold 10 East 53rd Street to Jeffrey Kaplan\u2019s Meadow Partners for $312.2M and kept $99M in net proceeds. In September, it sold 110 Greene Street to Natora Group for $226M, which brings in $216M.<\/p>\n By the Numbers<\/p>\n Revenue hit $273M, up from $241M in Q2 and $244M in Q3 2025. Net income of $72.2M compares with $24.9M a year earlier.<\/p>\n Fewer Leases, More Space<\/p>\n SL Green signed 38 Manhattan office leases covering 591,108 SF in Q3. In Q2 it signed 53 deals for 445,161 SF, so the deal count fell while square footage rose.<\/p>\n One of them was a 58,332 SF lease with German state bank Landesbank Baden-Wurttemberg at 1185 Avenue of the Americas.<\/p>\n The wider market has been strong. CRE Daily reported that Manhattan office tower sales<\/a> surged as leasing hit records.<\/p>\n Rates Take a Bite<\/p>\n CEO Marc Holliday said on the earnings call that rates moved about 150 basis points over the year, costing 25 cents in the second half. SL Green hedged part of its liabilities to lock in lower rates, he said, so the hit was smaller than it might have been.<\/p>\n