Company: SLG-PI
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001040971-25-000010
Chunk: 208

Company: SL GREEN REALTY CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 208
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 other investment reserves, net of recoveries— (6.9)6.9 (100.0)%Net income (loss)$30.2 $(599.3)$629.5 (105.0)%

36

Rental Revenue

Rental revenues decreased due primarily to the deconsolidation of 245 Park Avenue ($77.6 million) as a result of the sale of a joint venture interest during the second quarter of 2023 and increased vacancy at 555 West 57th Street ($10.7 million), 1350 Avenue of the Americas ($4.1 million) and 885 Third Avenue ($3.6 million). The decrease is partially offset by the consolidation of 10 East 53rd Street ($25.2 million) as a result of the agreement to acquire the partner's interest in the joint venture during the first quarter of 2024.

The following table presents a summary of the commenced leasing activity for the year ended December 31, 2024 in our Manhattan portfolio:

 UsableSFRentableSF(1)NewCashRent (perrentableSF) (2)Prev.EscalatedRent (perrentableSF) (3)TI/LCperrentableSFFreeRent (inmonths)AverageLeaseTerm (inyears)Manhattan       Space available at beginning of the year2,738,177       Space which became available during the year(4)      •       Office980,111       •       Retail89,082       •       Storage5,177        1,074,370       Total space available3,812,547       Leased space commenced during the year:       •       Office(5)1,078,894 1,132,979 $94.54 $100.13 $110.78 11.2 11.0 •       Retail104,211 97,923 $42.31 $37.10 $35.96 2.9 5.9 •       Storage1,140 1,096 $15.47 $15.00 $— — 1.4 Total leased space commenced1,184,245 1,231,998 $90.32 $92.24 $104.74 10.5