The Carlton Group to sell land under Lipstick Building

The Carlton Group has been retained by SL Green Realty Corp. as the exclusive advisor to sell the land under the Lipstick Building. The asking sale price was not disclosed. This office asset stands 650,000 s/f on East 53rd St. and sits on Architecture Row, which hosts some of New York's best buildings. "The Lipstick building is one of the most recognizable assets in the world and would be a jewel in anyone's portfolio," said Carlton chairman Howard Michaels. SL Green, which owns the land, hired the Carlton Group to market this investment which it has owned since 2007. "Many investors are looking for conservative, safe investments, where they can earn more yield than in the money market," said Michaels. "Investing in Manhattan fee positions affords an opportunity to invest in the most senior portion of the ownership stack with tremendous security and conservatism." "Investors today are sitting on enormous amounts of cash and investing in a prime Manhattan fee position is a tremendous alternative investment vehicle," stated one unnamed senior real estate professional. The Lipstick Building was proclaimed an instant icon when completed in 1986 with its elliptical form and three setbacks, which make it look as though it could retract like a telescope. The Lipstick Building is recognizable throughout the world having been developed by Gerald D. Hines and designed by world-famous architects Philip Johnson and John Burgee, who are responsible for some of the most iconic post-war buildings in New York, including the Seagram Building and the Sony Building.