Gramercy Capital Corp. Announces Completion of Sale of New York City Real Estate Investments

Gramercy Capital Corp. GKK today announced the closing of the previously announced sale of certain real estate investments to SL Green Realty Corp. SLG for an aggregate price of approximately $390.8 million, including the assumption by SL Green of approximately $265.6 million in debt. The transactions closed on substantially the same terms as previously disclosed and produced approximately $89.8 million of unrestricted cash for the Company and approximately $39.0 million of restricted cash for one of the Company's three CDOs.