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Manhattan's Lipstick Building Sells for $649M

NEW YORK CITY-Tishman Speyer will sell the Third Avenue landmark to a joint venture of Israel-based Tao Tsuot and Menofim Finance Israel.

By Natalie Dolce | Updated on July 09, 2007

NEW YORK CITY-Another Manhattan landmark is going to foreign investors. An investment group led by Tao-Maofim LLC, a US joint venture of Tao Tsout Ltd. and Financial Levers, has bought the Lipstick Building, at 885 Third Ave., for $648.5 million from Tishman Speyer Properties according to various published reports.

Although sources involved have not yet confirmed the deal, Tao executives reportedly said in a statement to the Tel Aviv Stock Exchange that it had formed a joint venture with Menofim to buy the 34-story, 586,589-sf building. The two Israeli investment companies would own 70% of the building, and investors including the Marciano Investment Group and Metropolitan Real Estate Investments would own the rest, the statement is said to have revealed.

The Lipstick Building, on East 53rd St., was designed by Philip Johnson and John Burgee in 1986. Tenants include Latham & Watkins, Bernard L. Madoff, Morgan Stanley, Poten & Partners, Robinson & Cole, Smith Management Co. and Unisys. Retail tenants include Vong restaurant and Newsstand. Tishman Speyer is the managing agent of the property.

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