Bloomberg News reports that two Israeli companies, Tao Tsuot and Financial Levers, have purchased 70 percent of the Phillip Johnson-designed Lipstick Building at 885 Third Avenue.
For those scoring at home, Haim Revah’s Metropolitan Real Estate is still a buyer in the building, as has been reported. He just found a little extra investment help.
A source told The Observer this morning that Mr. Revah did not flip the building and that he merely got a little extra help (a recapitalization, as they say in the business).
Of course, with so much foreign money in Manhattan real estate coming from Israel this year, it didn’t surprise us that Mr. Revah’s investment partners are fellow Israelis.
Tishman Speyer, along with Prudential, sold the building. Since January, Tishman Speyer has been involved in nearly $3 billion worth of sales.