NEW YORK CITY-The new owners are confident that the reputation of the Lipstick Building would not be smeared by Bernard Madoff, whose firm has occupied a 51,600-square-foot space in the building. Maurice Marciano, Paul and Daniel Elsztain have jointly purchased the 636,000-square-foot skyscraper at 885 Third Avenue.
The property was acquired from Haim Revah for $395 million or about $620 per square foot. The office building is only 92.5% occupied. The main mortgage holder is the Royal Bank of Canada. For the full story, go to Wall Street Journal.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
