Transactions - FEBRUARY 11, 2016

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SL Green sells Manhattan land for $453m

by Andrea Waitrovich

China-based Shanghai Municipal and New York City–based Ceruzzi Properties have acquired the land under Manhattan’s Lipstick Building for $453 million. The seller was SL Green Realty Corp., which acquired the office building for $353 million in 2010.

The 650,000-square-foot, 27-year-old building at 53rd Street and Third Avenue derived its moniker from its pinkish-mauve granite façade in an oval shape that was designed by John Burgee and Philip Johnson for Hines.

The Lipstick Building is one of a half-dozen properties SL Green could sell to pay for its upcoming $2.6 billion purchase of 11 Madison Ave. from Sapir and CIM Group.

SL Green is currently selling the 2.6 million-square-foot Citigroup headquarters for to Citigroup $2 billion.

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