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New York

Goulston & Storrs inks deal for former Madoff space

From left: the Lipstick Building and Bernie Madoff
From left: the Lipstick Building and Bernie Madoff

International law firm Goulston & Storrs has inked a 19,270-square-foot deal for a floor located inside the Lipstick Building that has a bit of a past. The New York Observer reported that the 18th floor, which the firm will occupy, previously served the computer and filing floor for Bernard Madoff’s massive Ponzi scheme.

The owners of the property — located at 885 Third Avenue — made a push to rent out the building’s empty spaces with a $15 million infusion in new capital and a lobby redesign.

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“Thanks to the vision of the current ownership, Lipstick is again considered a destination for international law firms and Fortune 500 companies,” Michael Reid, a principal at co-asset manager Herald Square Properties, told the Observer in a statement. “The investment they have made in terms of infrastructure and design is tangible and the turnaround is quickly attracting the best tenants.”

Newmark Grubb Knight Frank’s Scott Klau and Eric Harris represented the landlord. Stuart Eisenkraft of CBRE represented the tenant. [NYO] —Zachary Kussin

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Bernie Madoff