Land underneath Lipstick Building for sale

From left: Howard Michaels and the Lipstick Building
From left: Howard Michaels and the Lipstick Building

SL Green Realty is selling the land beneath the Lipstick Building in Midtown, the New York Post reported. The commercial landlord has tapped the Carlton Group’s Howard Michaels to handle the marketing.

The land could attract a record-breaking price, as investors are now seeking stable investments in New York City, the Post said.

The 650-000-square-foot building, at 53rd Street and Third Avenue, is operated by several groups. Argentine real estate developer Inversiones y Representaciones Socieded Anonima has a 49 percent stake, while Guess? brand founders Paul and Maurce Marciano own 42 percent of the property, and three small investors each own less than 4 percent.

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The building’s operators have the option to purchase the land below the property for $521 million on April 30, 2020. SL Green currently rakes in just above $16 million annually in rent.

Along with law firm Latham & Watkins, the building once housed infamous Ponzi schemer Bernard Madoff’s offices. [NYP]Zachary Kussin