SL Green Realty (SLG) is back in focus after its One Madison Avenue project received the 2026 Urban Land Institute Award for Excellence in Development and reached 100% leasing, alongside flagship peer asset One Vanderbilt.

The award recognition comes as momentum in SL Green Realty’s stock has picked up, with a 6.77% 7 day share price return and a 20.55% 30 day share price return. The 1 year total shareholder return is a 14.13% loss, while the 3 year total shareholder return is very large.

If this kind of rebound in sentiment has you thinking more broadly about opportunities in real assets and infrastructure, it may be worth scanning 36 power grid technology and infrastructure stocks

With SL Green stock up 20.55% over 30 days but still showing a 14.13% 1 year total return decline, along with a small discount to analyst and intrinsic value estimates, is there still a buying opportunity here, or is future growth already priced in?

Most Popular Narrative: 12.6% Undervalued

SL Green Realty's most followed narrative sets a fair value of $51.83 per share, above the last close at $45.28. This frames the recent rebound in a very specific way.

Portfolio optimization and disciplined capital recycling, including strategic dispositions and realizing significant gains on debt and preferred equity investments, are strengthening liquidity, setting the stage for new accretive investments, and reducing interest expense to enhance future earnings growth.

Curious what has to happen for that valuation to add up? The narrative leans on shrinking top line expectations, changing margins, and a rich future profit multiple. The mix is unconventional.

Result: Fair Value of $51.83 (UNDERVALUED)

However, the story also hinges on interest costs staying manageable, and large projects like Caesars Palace Times Square clearing political and regulatory hurdles without major setbacks.

Another angle on value: pricing vs peers

The narrative fair value of $51.83 suggests SL Green Realty is 12.6% undervalued, yet the current P/S ratio of 3.4x looks demanding next to the US Office REITs average of 1.9x and a fair ratio of 2.6x. If the market leans back toward that fair ratio, how comfortable are you with the valuation risk?

Next Steps

Seeing both risks and upside in the story so far? Take a closer look at the numbers and form your own view with 1 key reward and 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.