SL Green sells Manhattan land for $453m
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.