Lipstick Building going for $649M smackers

July 09, 2007 12:00AM

Israeli investment companies Tao Tsuot and Financial Levers announced they would buy the Lipstick Building for $648.5 million. The Israeli firms will own 70 percent of the East 53rd Street building, while investors including the Marciano Investment Group and Metropolitan Real Estate Investments will own the rest. Tishman Speyer and Prudential Real Estate Investors are the building’s current owners; Tishman purchased the Philip Johnson-designed tower at 885 Third Avenue for $235 million in 2004 and sold a 49 percent stake in it to Prudential Real Estate Investors the next year. more [Bloomberg via NYT]

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