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Met Tower, 151 Fifth Change Hands in $160M Dual Acquisition

NEW YORK CITY-L&L Acquisitions, a current owner in both properties, has changed partners and is dancing now with Investcorp, dropping the Carlyle Group as its joint-venture partner in the two properties.

By John Salustri | Updated on April 12, 2002

NEW YORK CITY-L&L Acquisitions, the investment firm run by president Robert Lapidus and chairman David Levinson, has switched partners in its ownership of two major Manhattan assets. Lapidus tells GlobeSt.com that the concern has dropped the Washington, DC-based Carlyle Group in favor of Investcorp in its ownership of the 245,000-sf Metropolitan Tower and the 191,000-sf 150 Fifth Ave.

The deal was settled for roughly $160 million, according to one source. Lapidus would not confirm that number. He did say that the funds were raised via a combination of equity and debt, the latter organized by a bank syndication headed by Lehman Brothers.

Met Tower, located at 142 W 57th St., is a mixed-use condo/office complex that boasts Ann Taylor Stores’ corporate headquarters as a major tenant. Lapidus explains that only the office segment is involved in the deal.

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