L&L Holding Co. is buying the International Toy Center at 200 Fifth Ave. for nearly $500 million.
“We will make this a very hot, chic building,” said L&L Chairman and CEO David Levinson, who signed a contract on the deal last week.
Lehman Brothers is providing funding for L&L’s purchase of the 15-story, nearly 800,000-square-foot building that has a curved façade and overlooks Madison Square Park. The major retail tenant is a Cipriani catering hall.
The building is being sold by a partnership led by Joseph Chetrit that had planned to convert the office building and its sibling at 1107 Broadway into residences.
Chetrit’s ongoing renovations and an end of the building serving as a center for toy industry tenants eventually led to the industry’s decision to relocate one of the major Toy Shows to Dallas.
Investment broker Douglas Harmon of Eastdil Secured handled the marketing for the building.
He could not be reached, but losing bidders told The Post they are awaiting his marketing of 1107 Broadway.
