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.
Read the full story at The Real Deal
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