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New York

Lipstick Building refinanced

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The credit crunch is giving everyone gray hairs: Metropolitan Real Estate Investors just completed a sticky refinancing of the Lipstick Building. The iconic tower at 53rd Street and Third Avenue sold last year for $607 million. Metropolitan and partners owed the Goldman Sachs Groups $60 million, due July 10. The new loan gives the group three more years at a 12 percent rate. The partners also shrunk the loan to $45 million by plowing in additional equity.