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Toy Center Sold, and We're Not Talking Monopoly Money

All Joseph Chetrit wanted to do was sell some nice condos overlooking Madison Square Park to some Shake Shack-obsessed Manhattanites with a few million to spare. But first he had to deal with the complainers, so he had to get tough. And when they wouldn't go away, he had to give up. Now? He's cashing out completely. The Post's Lois Weiss reports that 200 Fifth Avenue and 1107 Broadway have been sold to L&L Holding Co. for $500 million. Said the L&L CEO, "We will make this a very hot, chic building." Fret not, joy-buzzer salesmen: L&L is a commercial firm (they recently bought 2 Park Ave. for $450 million), so it looks like the condo conversion plan is indeed dead for the time being. And Joseph Chetrit cried ... while seated atop his throne of $100 bills.
· Toy Building to Sell for $500 Million [NYP]
· Madison Square Shocker: Toy Building Condos Off? [Curbed]