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Organization and Basis of Presentation | 12 Months Ended
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Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Organization and Basis of Presentation | Organization and Basis of Presentation SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies which are referred to as the Service Corporation. All of the management, leasing and construction services that are provided to the properties that are wholly-owned by us and that are provided to certain joint ventures are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership. Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of December 31, 2019, noncontrolling investors held, in the aggregate, a 5.03% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements." As of December 31, 2019, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:
|  |  |  | Consolidated |  | Unconsolidated |  | Total |  |
Location |  | Property Type |  | Number of Properties |  | Approximate Square Feet (unaudited) |  | Number of Properties |  | Approximate Square Feet (unaudited) |  | Number of Properties |  | Approximate Square Feet (unaudited) |  | Weighted Average Occupancy(1) (unaudited)
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manhattan |  | Office |  | 20 |  |  | 12,387,091 |  |  | 10 |  |  | 11,216,183 |  |  | 30 |  |  | 23,603,274 |  |  | 94.5 | %
|  | Retail |  | 6 |  | (2) | 320,430 |  |  | 8 |  |  | 289,050 |  |  | 14 |  |  | 609,480 |  |  | 98.4 | %
|  | Development/Redevelopment | (3) | 6 |  |  | 189,538 |  |  | 1 |  |  | — |  |  | 7 |  |  | 189,538 |  |  | 84.9 | %
|  | Fee Interest |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — | %
|  |  |  | 32 |  |  | 12,897,059 |  |  | 20 |  |  | 11,505,233 |  |  | 52 |  |  | 24,402,292 |  |  | 94.6 | %
Suburban |  | Office |  | 8 |  |  | 1,044,800 |  |  | — |  |  | — |  |  | 8 |  |  | 1,044,800 |  |  | 85.7 | %
|  | Retail |  | 1 |  |  | 52,000 |  |  | — |  |  | — |  |  | 1 |  |  | 52,000 |  |  | 100.0 | %
|  |  |  | 9 |  |  | 1,096,800 |  |  | — |  |  | — |  |  | 9 |  |  | 1,096,800 |  |  | 86.4 | %
Total commercial properties |  | 41 |  |  | 13,993,859 |  |  | 20 |  |  | 11,505,233 |  |  | 61 |  |  | 25,499,092 |  |  | 94.2 | %
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manhattan |  | Residential |  | 2 |  | (2) | 445,105 |  |  | 8 |  |  | 1,663,774 |  |  | 10 |  |  | 2,108,879 |  |  | 95.7 | %
Total residential properties |  | 2 |  |  | 445,105 |  |  | 8 |  |  | 1,663,774 |  |  | 10 |  |  | 2,108,879 |  |  | 95.7 | %
Total portfolio |  | 43 |  |  | 14,438,964 |  |  | 28 |  |  | 13,169,007 |  |  | 71 |  |  | 27,607,971 |  |  | 94.3 | %
(1) | The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units.
(2) | As of December 31, 2019, we owned a building at 315 West 33rd Street, also known as The Olivia, that was comprised of approximately 270,132 square feet (unaudited) of retail space and approximately 222,855 square feet (unaudited) of residential space. For the purpose of this report, we have included this building in the number of retail properties we own. However, we have included only the retail square footage in the retail approximate square footage, and have listed the balance of the square footage as residential square footage.
(3) | Properties in Development are included in Number of Properties with no Approximate Square Feet.
As of December 31, 2019, we also managed two office buildings owned by third parties encompassing approximately 2.1 million square feet (unaudited) and held debt and preferred equity investments with a book value of $1.7 billion, including $0.1 billion of debt and preferred equity investments and other financing receivables that are included in balance sheet line items other than the Debt and Preferred Equity Investments line item. Partnership Agreement In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage of ownership interests of the respective partners, subject to the priority distributions with respect to preferred units and special provisions that apply to LTIP Units. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, shares of SL Green's common stock on a one-for-one basis. Subsequent Event In February 2020, The Company entered into contract to sell 315 West 33rd Street and an adjacent undeveloped parcel of land for a gross asset valuation of $446.5 million. This transaction is expected to close in the second quarter of 2020. At December 31, 2019, we determined that the held for sale criteria was not met for this property as it was not probable that the sale of the asset would be completed within one year.

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