NEW YORK—SL Green Realty Corp. and Stonehenge Partners have formed a joint venture to enter into a 99-year ground lease covering a residential building at 1080 Amsterdam Avenue. The joint venture will invest approximately $13 million into the transaction, including a complete redevelopment program, which will begin shortly after the partnership takes possession.

Totaling 82,250 sq. ft. of space, 1080 Amsterdam Avenue is a 20-story, pre-war elevator building located south of Columbia University on Manhattan’s Upper West Side.

The property is comprised of 96 apartments and two commercial units.

After taking possession, the SL Green/Stonehenge partnership will begin a renovation program to include common corridor upgrades and window improvements, as well as elevator heating, and electrical system upgrades, in order to convert the property into a luxury Upper West Side residential address.

The redevelopment is expected to be completed within 24 months from its commencement.