The chairman of SL Green Realty Corp. had a different sort of acquisition to announce today.

Not another REIT like Reckson or a Westchester building like the one his company bought from Robert P. Weisz a few days ago, but the struggling liberal radio network Air America.

Stephen L. Green is buying Air America in a Bankruptcy Court sale from owner Piquant L.L.C. Air America filed for Chapter 11 late last year.

Remember Green is the brother of a progressive politico -- Mark Green, the onetime New York City public advocate who has tried and failed to get elected Big Apple mayor, and more recently tried and failed to get elected state attorney general, losing in last year’s Democratic primary to Andrew Cuomo.

"Because I'm a businessman who enjoys creating and growing companies, I'm purchasing a majority ownership in Air America with the intention of making it a successful business that returns a profit,” Green said in a written statement from Air America announcing the sale.

“To assure that AAR survives and thrives, we'll do three things. First, we'll stabilize its finances. Second, we'll build on its line-up to assure the best radio talent possible, since in the long run content is king. And third, we'll extend this special brand by partnering with other platforms beyond radio to make sure that Air America's content reaches the wide audience it deserves,” Green added.

You can read in full Air America’s announcement here.

The announcement was also interesting in that it was the first summary, post Reckson sale, of SL Green’s numbers. The publicly-traded REIT said it controls 27 million square feet of commercial property -- “largely” in Manhattan -- and has a market cap of over $12 billion.

Reader Comments

Add Your Comments