Lubert-Adler is selling its 95 percent stake in the ground lease at 114 Fifth Avenue in Flatiron, banking roughly $53 million in profit.
Allianz Real Estate of America picked up the stake on Tuesday, paying $210 million.
Lubert-Adler, a private equity firm, bought the lease on the then-distressed property in 2013 along with partner L&L Holding for $165 million.
L&L, run by David Levinson and Robert Lapidus, renovated and repositioned the 800, 000-square-foot building, which at the time was low on tenants and heavily in debt. The company will continue to manage the building, the New York Post reported.
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