Louis Ceruzzi Buys Ground Under Lipstick Building For $453M

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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Where Capital Meets Opportunity: Navigating The Next Wave Of CRE Financing At Bisnow’s Event On Sept. 30

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Taconic Partners Sheds Another NYC Life Sciences Property

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

25 Years After 9/11, Lower Manhattan Is Finally Firing On All Cylinders

Tishman Speyer Seeks $92M Tax Break For Next Hudson Yards Office Tower