UPDATED, 12:51 a.m., Oct. 21: SL Green Realty is in contract to sell two more major properties, part of its ongoing selling spree aimed at funding its purchase of 11 Madison Avenue in August.
The real estate investment trust is selling the land beneath the Lipstick Building, at 885 Third Avenue in Midtown, for $453 million. The buyer on that deal is a partnership between Ceruzzi Properties and Shanghai Municipal Investment USA. SL Green is also selling a recently-completed Pace University dormitory at 33 Beekman Street in the Financial District, for $196 million, to an undisclosed buyer. [more]