The ground under the iconic Lipstick Building has a new owner. Investor Louis Ceruzzi’s Ceruzzi Holdings has purchased the ground under the 885 Third Ave building for $453M, or roughly $713/SF.
The July 2007 ground lease for the building includes an option for the building’s operator to buy the land, which can be exercised in 2020 or at subsequent designated anniversary years of the lease, the New York Post reports. If exercised, Louis could be in line to make a hefty profit. SL Green, NYC's biggest landlord, sold him the land.
The dealmaker and restaurateur has several projects in the pipeline throughout the city, including a 64-story tower at 138 East 50th St, and a 72-story tower at 520 Fifth Ave, which is being developed in partnership with the Shanghai Municipal Authority. [NYP]
