Israeli-Led Group to Buy the Lipstick Building in Manhattan

The two Israeli companies said they would own 70 percent of the building, which is at 885 Third Avenue, on East 53rd Street. Investors including the Marciano Investment Group and Metropolitan Real Estate Investments will own the rest, Tao and Financial Levers said in a statement to the Tel Aviv Stock Exchange. The 34-story Lipstick Building, so known because of its elliptical shape, was designed by Philip Johnson and John Burgee and completed in 1986. The price includes a reserve fund to preserve the building’s facade, the two companies said.