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New York

Lipstick Building owner files for Chap. 11

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The owner of 885 Third Avenue, the 34-story office building where Bernard Madoff executed a $65 billion Ponzi scheme, filed bankruptcy today, according to Bloomberg News. Metropolitan 885 Third Avenue Leasehold LLC, the owner of the famed tower known as the “Lipstick Building,” listed as much as $500 million in debts and assets today while filing for Chapter 11 bankruptcy in a Manhattan court. Foreclosure on the building has loomed for months, experts say, after the owner defaulted on a $210 million loan earlier this year. The Royal Bank of Canada sued in June to force Metropolitan to sell the tower. The owner purchased the building in 2007 from Tishman Speyer for $648.5 million. [Bloomberg]

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