Marc Holliday Pays $8.4M For Condo In SL Green's Armani Project
SL Green Realty only built 10 apartments in its ultra-luxury Giorgio Armani Residences project on Madison Avenue, and its CEO is one of a select few buyers.
A trust owned by the family members of SL Green CEO and Chairman Marc Holliday bought a unit in the building at 760 Madison Ave. for $8.4M, according to a filing with the Securities and Exchange Commission. The transaction closed in February.
The unit was one of six sold in the first three months of the year, which generated $99.3M in sales and earned the REIT $200K in net proceeds, according to the filing.
The deals followed three sales in the 10-unit building that closed last year, which went for a total of $63.5M. Those transactions resulted in a loss of $1.5M for Manhattan's largest owner of office buildings, according to its annual report.
"760 Madison was an enormously successful and profitable project, creating a new and spectacular retail home on Madison Avenue for and in collaboration with Giorgio Armani, while selling out all ten beautifully designed condos before opening," a spokesperson for SL Green said in a statement. "At SL Green we stand by the quality of our development, and our CEO was proud to purchase a residence in this marquee project that he helped conceive and execute."
Last summer, SL Green announced that the 12-story ground-up development was sold out, with all 10 units under contract for a total of $168.2M. SL Green didn't provide Bisnow a number on the final profits of the project.
“SL Green’s premier development platform, together with our partnership with Giorgio Armani, resulted in an extraordinary residential experience for buyers who understood the rarity of this New York City offering,” SL Green Chief Investment Officer Harrison Sitomer said in the July 17 statement.
The Upper East Side luxury condo building is branded after Giorgio Armani. The famed fashion designer himself bought an apartment in his namesake tower, the New York Post reported in 2023. At the time, five of the residences were under contract, an SL Green spokesperson told the Post.
SL Green bought the Armani flagship at 760 Madison in 2012 then later acquired the land under the building. Armani struck a deal in 2015 to keep its flagship at the property until 2024, then the parties agreed in 2019 to develop a luxury condo building with a new flagship at the site on the corner of East 65th Street.
SL Green still owns Armani's flagship at the building.
"The best part is that this project achieved its goal of sparking a retail revitalization on Madison Avenue, which is once again booming and helping to drive New York City's economy," an SL Green spokesperson said in its statement to Bisnow.
SL Green had a strong 2024, which continued through the first quarter of 2025. The company beat Wall Street’s estimates for revenue and funds from operations, a measure of cash flow for REITs, according to its quarterly earnings report.
Despite macroeconomic headwinds giving the greater real estate ecosystem pause, SL Green has remained bullish. During an April conference call with investors, Holliday said that the developer still has plans to build new offices amid the city's dwindling supply.
SL Green’s portfolio is primarily office, with over 24M SF in either fee or leasehold interests, according to its annual report. Just over 360K SF — at 7 Dey St. and 15 Beekman St. — are residential and approximately 193K SF are retail properties.
The company also has roughly 2.6M SF in development. That includes 750 Third Ave., which is in the early stages of an office-to-residential conversion.
