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{{good article}}
{{Short description|Office skyscraper in Manhattan, New York}}
{{Short description|Office building in Manhattan, New York}}
{{Use American English|date=August 2022}}
{{Use American English|date=August 2022}}
{{Use mdy dates|date=August 2022}}
{{Use mdy dates|date=August 2022}}
{{Infobox building
{{Infobox building
| name = Lipstick Building
| name = Lipstick Building
| image = Lipstick Building (51923067068).jpg
| image = Lipstick_building,_viewed_from_10th_floor.jpg
| image_size = 200px
| image_size = 200px
| caption = The Lipstick Building
| caption =
| location = 885 [[Third Avenue]], [[Manhattan]], [[New York (state)|New York]], United States
| location = 885 [[Third Avenue]], [[Manhattan]], [[New York (state)|New York]], United States
| mapframe-wikidata = yes
| coordinates = {{coord|40|45|28|N|73|58|08|W|region:US_source:dewiki|display=inline,title}}
| coordinates = {{Coord|40|45|28|N|73|58|08|W|region:US_source:dewiki|display=inline,title}}
| status = Completed
| start_date =
| status = Completed
| start_date =
| completion_date = 1986
| opening =
| completion_date = 1986
| building_type = Office
| opening =
| antenna_spire =
| building_type = Office
| antenna_spire =
| roof = {{convert|138|m|ft|abbr=on}}
| top_floor =
| roof = {{Convert|138|m|ft|abbr=on}}
| floor_count = 34
| top_floor =
| elevator_count =
| floor_count = 34
| cost =
| elevator_count =
| floor_area =
| cost =
| architect = [[John Burgee]] and [[Philip Johnson]]
| floor_area =
| architect = [[John Burgee]] and [[Philip Johnson]]
| structural_engineer = The Office of Irwin Cantor
| structural_engineer = The Office of Irwin Cantor
| main_contractor =
| main_contractor =
| developer =
| developer =
| owner =
| owner =
| management =
| management =
| references =
| references =
}}
}}


The '''Lipstick Building''', also known as '''885 Third Avenue''' and '''53rd at Third''', is a 453-foot (138 meter) tall [[skyscraper]] at [[Third Avenue]] between [[53rd Street (Manhattan)|53rd Street]] and [[54th Street (Manhattan)|54th Street]] in the [[Midtown Manhattan]] neighborhood of [[New York City]]. It was completed in 1986 and has 34 floors. The building was designed by [[John Burgee]] and [[Philip Johnson]] for Hines Interests and was developer [[Gerald D. Hines]]'s first project in New York City. The building's nickname is derived from its shape and color, which resembles a tube of [[lipstick]].
The '''Lipstick Building''', also known as '''885 Third Avenue''' and '''53rd at Third''', is a {{convert|453|ft|m|-tall|adj=mid}} office building at [[Third Avenue]] between [[53rd Street (Manhattan)|53rd Street]] and [[54th Street (Manhattan)|54th Street]] in the [[Midtown Manhattan]] neighborhood of [[New York City]]. It was completed in 1986 and has 34 floors. The building was designed by [[John Burgee]] and [[Philip Johnson]] for [[Hines Interests]] and was developer [[Gerald D. Hines]]'s first project in New York City. The building's nickname is derived from its shape and color, which resembles a tube of [[lipstick]].


The building has a nearly elliptical massing, with [[Setback (architecture)|setbacks]] above the 19th and 27th stories, as well as a two-story granite penthouse. The structure is actually polygonal; both the base and the setback sections have over a hundred sides. The building stands on a double-height column at the base, and the facade is made of red Imperial [[granite]] and stainless steel. On the northeast side of the building is a nine-story-tall rectangular annex. The building has {{Convert|580000|ft2}} of rentable space, some of which was built in exchange for improvements to the [[Lexington Avenue/51st Street station]]. To brace the building against winds from the north, structural engineer Irwin Cantor designed a tube support system and a central core for the building's [[superstructure]].
The building has a nearly elliptical [[massing]], with [[Setback (architecture)|setbacks]] above the 19th and 27th stories, as well as a two-story granite penthouse. The structure is actually polygonal; both the base and the setback sections have over a hundred sides. The building stands on double-height columns at the base, and the facade is made of red Imperial [[granite]] and stainless steel. On the northeast side of the building is a nine-story-tall rectangular annex. The building has {{Convert|580000|ft2}} of rentable space, some of which was built in exchange for improvements to the [[Lexington Avenue/51st Street station]]. To brace the building against winds from the north, structural engineer Irwin Cantor designed a tube support system and a central core for the building's [[superstructure]].


Hines Interests bought the site from Citigroup in 1981 and hired Burgee and Johnson to design an elliptical office building for the site. Construction started in May 1984 and the building was completed two years later. In the first several years of the building's history, the office space was generally profitable. Hines sold the building in 2004 to [[Tishman Speyer]], which resold a partial stake to [[Prudential Financial|Prudential Real Estate Investors]]. Metropolitan 885 Third Avenue LLC then acquired the building in 2007 under a complex financing agreement in which the underlying land was sold separately to [[SL Green]]. After Metropolitan went bankrupt in 2010, [[Inversiones y Representaciones Sociedad Anónima]] and the [[Marciano Investment Group]] assumed ownership. Ceruzzi Properties and [[Shanghai Municipal Investment Group|SMI USA]] acquired the land in 2015, and SL Green took over the building in 2021.
Hines Interests bought the site from Citigroup in 1981 and hired Burgee and Johnson to design an elliptical office building for the site. Construction started in May 1984 and the building was completed two years later. In the first several years of the building's history, the office space was generally profitable. Hines sold the building in 2004 to [[Tishman Speyer]], which resold a partial stake to [[Prudential Financial|Prudential Real Estate Investors]]. Metropolitan 885 Third Avenue LLC then acquired the building in 2007 under a complex financing agreement in which the underlying land was sold separately to [[SL Green]]. After Metropolitan went bankrupt in 2010, [[Inversiones y Representaciones Sociedad Anónima]] and Marciano Investment Group assumed ownership. Ceruzzi Properties and [[Shanghai Municipal Investment Group|SMI USA]] acquired the land in 2015, and SL Green took over the building in 2021.


==Site==
==Site==
The Lipstick Building is at 885 Third Avenue in the [[Midtown Manhattan]] neighborhood of [[New York City]]. It takes up the western part of a city block bounded by [[Third Avenue]] to the west, [[54th Street (Manhattan)|54th Street]] to the north, [[Second Avenue (Manhattan)|Second Avenue]] to the east, and [[53rd Street (Manhattan)|53rd Street]] to the south. The "L"-shaped [[land lot]] covers {{cvt|26108|ft2}} with a [[frontage]] of {{cvt|200|ft}} on Third Avenue and a depth of {{cvt|160|ft}}.<ref name="ZoLa">{{Cite web |title=885 3rd Avenue, 10022 |url=https://zola.planning.nyc.gov/l/lot/1/1327/1 |url-status=live |archive-url=https://web.archive.org/web/20220714133417/https://zola.planning.nyc.gov/l/lot/1/1327/1 |archive-date=July 14, 2022 |access-date=March 20, 2020 |website=[[New York City Department of City Planning]] }}</ref> Other nearby buildings include [[599 Lexington Avenue]] to the southwest, the [[Citigroup Center]] to the west, and [[919 Third Avenue]] two blocks north.<ref name="ZoLa" />
The Lipstick Building is at 885 Third Avenue in the [[Midtown Manhattan]] neighborhood of [[New York City]].<ref name="Stichweh 2016"/><ref name="Nash 2005"/> It takes up the western part of a city block bounded by [[Third Avenue]] to the west, [[54th Street (Manhattan)|54th Street]] to the north, [[Second Avenue (Manhattan)|Second Avenue]] to the east, and [[53rd Street (Manhattan)|53rd Street]] to the south. The L-shaped [[land lot]] covers {{cvt|26108|ft2}} with a [[frontage]] of {{cvt|200|ft}} on Third Avenue and a depth of {{cvt|160|ft}}.<ref name="ZoLa">{{Cite web |title=885 3Rd Avenue, 10022 |url=https://zola.planning.nyc.gov/l/lot/1/1327/1 |url-status=live |archive-url=https://web.archive.org/web/20220714133417/https://zola.planning.nyc.gov/l/lot/1/1327/1 |archive-date=July 14, 2022 |access-date=March 20, 2020 |website=[[New York City Department of City Planning]] }}</ref> Other nearby buildings include [[599 Lexington Avenue]] to the southwest, the [[Citigroup Center]] at 601 Lexington Avenue to the west, and [[919 Third Avenue]] two blocks north.<ref name="ZoLa" />


An entrance to the [[New York City Subway]]'s [[Lexington Avenue/51st Street station]] (served by the {{NYCS trains|Lexington 51st header}}) is next to the building.<ref>{{Cite NYC neighborhood map|Midtown Manhattan}}</ref> The entrance cost the building's developer $7 million<ref>{{Cite news |last=Stevens |first=William K. |date=1987-11-28 |title=Developers Expanding Role in Social Services |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/11/28/us/developers-expanding-role-in-social-services.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/1987/11/28/us/developers-expanding-role-in-social-services.html |url-status=live }}</ref> and was built to increase the amount of space in the building. Under normal [[zoning]] regulations, the maximum [[floor area ratio]] (FAR) for any building on the tower's site was 15.<ref name="nyt-1985-04-21">{{Cite news |last=Sherman |first=Mark |date=1985-04-21 |title=Midtown Zoning Begins to Reroute Development |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/04/21/realestate/midtown-zoning-begins-to-reroute-development.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 3, 2022 |archive-url=https://web.archive.org/web/20220703213044/https://www.nytimes.com/1985/04/21/realestate/midtown-zoning-begins-to-reroute-development.html |url-status=live }}</ref> The developers received a bonus of 20 percent for improving the subway entrance, bringing the FAR to 18.<ref name="nyt-1985-04-21" /><ref name="p285356126">{{cite news |last=Polsky |first=Carol |date=9 Mar 1987 |title=Builders' Bonus Draws New Fire; Critics Say Developer 'Abused' City Policy |page=9 |work=Newsday |id={{ProQuest|285356126}}}}</ref> The entrance consists of a staircase and escalator.<ref name="p285356126" /> There is also a landscaped planter next to the subway entrance, adjacent to the building's curved promenade.<ref name="Kayden 2016">{{cite web |last=Kayden |first=Jerold S. |date=April 1, 2016 |title=885 Third Avenue |url=https://apops.mas.org/pops/m060055/ |access-date=July 14, 2022 |website=Privately Owned Public Space (APOPS) |archive-date=July 26, 2021 |archive-url=https://web.archive.org/web/20210726233929/https://apops.mas.org/pops/m060055/ |url-status=live }}</ref>
An entrance to the [[New York City Subway]]'s [[Lexington Avenue/51st Street station]] (served by the {{NYCS trains|Lexington 51st header}}) is next to the building.<ref>{{Cite NYC neighborhood map|Midtown Manhattan}}</ref> The entrance cost the building's developer $7 million<ref>{{Cite news |last=Stevens |first=William K. |date=November 28, 1987 |title=Developers Expanding Role in Social Services |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/11/28/us/developers-expanding-role-in-social-services.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/1987/11/28/us/developers-expanding-role-in-social-services.html |url-status=live }}</ref> and was built to increase the amount of space in the building. Under normal [[zoning]] regulations, the maximum [[floor area ratio]] (FAR) for any building on the tower's site was 15.<ref name="nyt-1985-04-21">{{Cite news |last=Sherman |first=Mark |date=April 21, 1985 |title=Midtown Zoning Begins to Reroute Development |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/04/21/realestate/midtown-zoning-begins-to-reroute-development.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 3, 2022 |archive-url=https://web.archive.org/web/20220703213044/https://www.nytimes.com/1985/04/21/realestate/midtown-zoning-begins-to-reroute-development.html |url-status=live }}</ref> The developers received a bonus of 20 percent for improving the subway entrance, bringing the FAR to 18.<ref name="nyt-1985-04-21" /><ref name="p285356126">{{cite news |last=Polsky |first=Carol |date=March 9, 1987 |title=Builders' Bonus Draws New Fire; Critics Say Developer 'Abused' City Policy |page=9 |work=Newsday |id={{ProQuest|285356126}} |url=https://www.newspapers.com/article/newsday/79045094/ |access-date=2023-05-31}}</ref> The entrance consists of a staircase and escalator.<ref name="p285356126" /> There is also a landscaped planter next to the subway entrance, adjacent to the building's curved promenade.<ref name="Kayden 2016">{{cite web |last=Kayden |first=Jerold S. |date=April 1, 2016 |title=885 Third Avenue |url=https://apops.mas.org/pops/m060055/ |access-date=July 14, 2022 |website=Privately Owned Public Space (APOPS) |archive-date=July 26, 2021 |archive-url=https://web.archive.org/web/20210726233929/https://apops.mas.org/pops/m060055/ |url-status=live }}</ref>


Prior to 885 Third Avenue's construction, the site had contained low-rise buildings. [[Citicorp]], which occupied 601 Lexington Avenue immediately to the west, bought the site in mid-1980 for $7.2 million.<ref name="nyt-1981-01-07">{{Cite news |last=Horsley |first=Carter B. |date=1981-01-07 |title=Developer of Skyscrapers Buys Block on Third Ave. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/01/07/nyregion/developer-of-skyscrapers-buys-block-on-third-ave.html |access-date=2022-07-12 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/1981/01/07/nyregion/developer-of-skyscrapers-buys-block-on-third-ave.html |url-status=live }}</ref> Citicorp had intended to erect a residential building there. Within a year, the bank decided to sell the site due to an increase in real-estate values.<ref name="nyt-1981-01-07" /><ref name="p134625456">{{cite news |date=7 Jan 1981 |title=Site in Mid-Manhattan Is Sold for $28 Million To Houston Developer |page=16 |work=Wall Street Journal |issn=0099-9660 |id={{ProQuest|134625456}}}}</ref>
Prior to 885 Third Avenue's construction, the site had contained low-rise buildings. [[Citicorp]], which occupied 601 Lexington Avenue immediately to the west, bought the site in mid-1980 for over $7.2 million.<ref name="nyt-1981-01-07">{{Cite news |last=Horsley |first=Carter B. |date=January 7, 1981 |title=Developer of Skyscrapers Buys Block on Third Ave. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/01/07/nyregion/developer-of-skyscrapers-buys-block-on-third-ave.html |access-date=July 12, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/1981/01/07/nyregion/developer-of-skyscrapers-buys-block-on-third-ave.html |url-status=live }}</ref> Citicorp had intended to erect a residential building there. Within a year, the bank decided to sell the site due to an increase in real-estate values.<ref name="nyt-1981-01-07" /><ref name="p134625456">{{cite news |date=January 7, 1981 |title=Site in Mid-Manhattan Is Sold for $28 Million To Houston Developer |page=16 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|134625456}}}}</ref>


==Architecture==
==Architecture==
The Lipstick Building at 885 Third Avenue was designed by [[Philip Johnson]] and [[John Burgee]]<ref name="Stichweh 2016">{{cite book |last=Stichweh |first=Dirk |title=New York Skyscrapers |publisher=[[Prestel Publishing]] |year=2016 |isbn=978-3-7913-8226-5 |page=108 |oclc=923852487}}</ref><ref name="Nash 2005">{{cite book |last=Nash |first=Eric |title=Manhattan Skyscrapers |publisher=Princeton Architectural Press |year=2005 |isbn=978-1-56898-652-4 |page=151 |oclc=407907000}}</ref> for developer [[Gerald D. Hines]].<ref>{{Cite news |date=2020-09-02 |title=Gerald D. Hines, real estate developer and patron of architects, dies at 95 |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/local/obituaries/gerald-d-hines-real-estate-developer-and-patron-of-architects-dies-at-95/2020/09/02/64700496-e960-11ea-970a-64c73a1c2392_story.html |access-date=2022-07-12 |issn=0190-8286 |archive-date=September 16, 2020 |archive-url=https://web.archive.org/web/20200916212308/https://www.washingtonpost.com/local/obituaries/gerald-d-hines-real-estate-developer-and-patron-of-architects-dies-at-95/2020/09/02/64700496-e960-11ea-970a-64c73a1c2392_story.html |url-status=live }}</ref><ref name="nyt-2020-08-27">{{Cite news |last=Goldberger |first=Paul |date=2020-08-27 |title=Gerald D. Hines, Developer and Architects' 'Medici,' Is Dead at 95 |language=en-US |work=The New York Times |url=https://www.nytimes.com/2020/08/27/obituaries/gerald-d-hines-developer-dead.html |access-date=2022-07-12 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/2020/08/27/obituaries/gerald-d-hines-developer-dead.html |url-status=live }}</ref> Structural engineer Irwin Cantor, mechanical engineer [[Cosentini Associates]], landscape architects Zion and Breen Associates, and lighting consultant [[Claude Engle]] were also involved in the building's development.<ref name="Johnson Payne Fox Lewis p.">{{cite book |last1=Johnson |first1=Philip |title=The architecture of Philip Johnson |last2=Payne |first2=Richard |last3=Fox |first3=Stephen |last4=Lewis |first4=Hilary |date=2002 |publisher=Bulfinch Press |isbn=0-8212-2788-2 |publication-place=Boston |page=255 |oclc=50501522}}</ref> It is 34 stories tall and measures {{convert|453|ft}} to its roof.<ref name="Emporis">{{Cite web |title=53rd at Third |url=https://www.emporis.com/buildings/114943/53rd-at-third-new-york-city-ny-usa |url-status=live |archive-url=https://web.archive.org/web/20220714133418/https://www.emporis.com/buildings/114943/53rd-at-third-new-york-city-ny-usa |archive-date=July 14, 2022 |access-date=2021-01-01 |publisher=Emporis}}</ref><ref name="Stichweh 2016" /> Though the building was officially known as Fifty-third at Third, its unusual [[massing]] and the [[facade]]'s color led to its popular name, the Lipstick Building.<ref name="Stern (2006) p. 530">{{harvnb|Stern|Fishman|Tilove|2006|ps=.|p=530}}</ref> It is one of several buildings in New York City that were nicknamed based on their appearance.<ref>{{Cite news |last=Kinetz |first=Erika |date=2003-02-23 |title=Neighborhood Report: New York Names; Naming Names to Preserve Character of Astor Place |language=en-US |work=The New York Times |url=https://www.nytimes.com/2003/02/23/nyregion/neighborhood-report-new-york-names-naming-names-preserve-character-astor-place.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/2003/02/23/nyregion/neighborhood-report-new-york-names-naming-names-preserve-character-astor-place.html |url-status=live }}</ref>
The Lipstick Building at 885 Third Avenue was designed by [[Philip Johnson]] and [[John Burgee]]<ref name="Stichweh 2016">{{cite book |last=Stichweh |first=Dirk |title=New York Skyscrapers |publisher=[[Prestel Publishing]] |year=2016 |isbn=978-3-7913-8226-5 |page=108 |oclc=923852487}}</ref><ref name="Nash 2005">{{cite book |last=Nash |first=Eric |title=Manhattan Skyscrapers |publisher=Princeton Architectural Press |year=2005 |isbn=978-1-56898-652-4 |page=151 |oclc=407907000}}</ref> for developer [[Gerald D. Hines]].<ref>{{Cite news |date=September 2, 2020 |title=Gerald D. Hines, Real Estate Developer and Patron of Architects, Dies at 95 |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/local/obituaries/gerald-d-hines-real-estate-developer-and-patron-of-architects-dies-at-95/2020/09/02/64700496-e960-11ea-970a-64c73a1c2392_story.html |access-date=July 12, 2022 |issn=0190-8286 |archive-date=September 16, 2020 |archive-url=https://web.archive.org/web/20200916212308/https://www.washingtonpost.com/local/obituaries/gerald-d-hines-real-estate-developer-and-patron-of-architects-dies-at-95/2020/09/02/64700496-e960-11ea-970a-64c73a1c2392_story.html |url-status=live }}</ref><ref name="nyt-2020-08-27">{{Cite news |last=Goldberger |first=Paul |date=August 27, 2020 |title=Gerald D. Hines, Developer and Architects' 'Medici,' Is Dead at 95 |language=en-US |work=The New York Times |url=https://www.nytimes.com/2020/08/27/obituaries/gerald-d-hines-developer-dead.html |access-date=July 12, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/2020/08/27/obituaries/gerald-d-hines-developer-dead.html |url-status=live }}</ref> Structural engineer Irwin Cantor, mechanical engineer [[Cosentini Associates]], landscape architects Zion and Breen Associates, and lighting consultant [[Claude Engle]] were also involved in the building's development.<ref name="Johnson Payne Fox Lewis p.">{{cite book |last1=Johnson |first1=Philip |title=The Architecture of Philip Johnson |last2=Payne |first2=Richard |last3=Fox |first3=Stephen |last4=Lewis |first4=Hilary |date=2002 |publisher=Bulfinch Press |isbn=0-8212-2788-2 |publication-place=Boston |page=255 |oclc=50501522}}</ref> It is 34 stories tall and measures {{convert|453|ft}} to its roof.<ref name="Emporis">{{Cite web |title=53rd at Third |url=https://www.emporis.com/buildings/114943/53rd-at-third-new-york-city-ny-usa |url-status=usurped |archive-url=https://web.archive.org/web/20220714133418/https://www.emporis.com/buildings/114943/53rd-at-third-new-york-city-ny-usa |archive-date=July 14, 2022 |access-date=January 1, 2021 |publisher=Emporis}}</ref><ref name="Stichweh 2016" /> Though the building was officially known as Fifty-third at Third, its unusual [[massing]] and the [[facade]]'s color led to its popular name, the Lipstick Building.<ref name="Stern (2006) p. 530">{{harvnb|Stern|Fishman|Tilove|2006|ps=.|p=530}}</ref> It is one of several buildings in New York City that were nicknamed based on their appearance.<ref>{{Cite news |last=Kinetz |first=Erika |date=February 23, 2003 |title=Neighborhood Report: New York Names; Naming Names to Preserve Character of Astor Place |language=en-US |work=The New York Times |url=https://www.nytimes.com/2003/02/23/nyregion/neighborhood-report-new-york-names-naming-names-preserve-character-astor-place.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133417/https://www.nytimes.com/2003/02/23/nyregion/neighborhood-report-new-york-names-naming-names-preserve-character-astor-place.html |url-status=live }}</ref>


As of 2020, due to a legal technicality, the building and the underlying land have separate owners, and the land itself is divided into two ownership sections. A {{convert|50|by|110|ft|adj=on}} plot on Third Avenue, covering about 21 percent of the site, is owned by a limited liability corporation and leased to SL Green, the owner of the rest of the site.<ref name="trd-2020-07-09" />
As of 2020, due to a legal technicality, the building and the underlying land have separate owners, and the land itself is divided into two ownership sections. A {{convert|50|by|110|ft|adj=on}} plot on Third Avenue, covering about 21 percent of the site, is owned by a limited liability corporation and leased to SL Green, the owner of the rest of the site.<ref name="trd-2020-07-09" />


=== Form and facade ===
=== Form and facade ===
[[File:Lipstick_Building_top_detail.jpg|thumb|Detail of the top of the building]]
[[File:Lipstick Building top detail.jpg|thumb|Detail of the top of the building]]
885 Third Avenue has a nearly elliptical massing because, at the time of the building's development, the [[New York City Department of City Planning]] was considering rezoning Midtown Manhattan.<ref name="Stern (2006) p. 530" /><ref name="nyt-1981-04-13">{{Cite news |last=Goldberger |first=Paul |date=1981-04-13 |title=Midtown Area and Its Zoning; News Analysis |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/04/13/nyregion/midtown-area-and-its-zoning-news-analysis.html |access-date=2022-07-12 |issn=0362-4331}}</ref>{{efn|The area was rezoned in 1982.<ref>{{Cite news|last=Goodwin|first=Michael|date=1982-05-14|title=Midtown Zoning Changes Are Approved|language=en-US|work=The New York Times|url=https://www.nytimes.com/1982/05/14/nyregion/midtown-zoning-changes-are-approved.html|access-date=2022-07-12|issn=0362-4331}}</ref>}} The massing contrasted with those of older buildings, which were typically designed with rectangular forms.<ref>{{Cite news |last=Johnson |first=Kirk |date=1985-05-12 |title=New Downtown Space Prompts Fears of Surplus |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/05/12/realestate/new-downtown-space-prompts-fears-of-surplus.html |access-date=2022-07-12 |issn=0362-4331}}</ref><ref name="Terraonva p. 143">{{harvnb|Terranova|2003|ps=.|p=143}}</ref> The elliptical shape allows pedestrians on 53rd and 54th Street to cut across the corners, and it permits additional light and air into the building.<ref name="Burgee1990" /><ref name="n84056777">{{Cite news |last=Berkowitz |first=Harry |date=July 24, 1989 |title=Creators Conform New York's building designers pay attention to neighborhood |pages=114, [https://www.newspapers.com/clip/84056849/adjusting-architects/ 123], [https://www.newspapers.com/clip/84056883/adjusting-architects/ 124] |work=Newsday |url=https://www.newspapers.com/clip/84056777/creators-conform-new-yorks-building/ |url-status=live |access-date=August 24, 2021 |archive-url=https://web.archive.org/web/20210824182154/https://www.newspapers.com/clip/84056777/creators-conform-new-yorks-building/ |archive-date=August 24, 2021}}</ref><ref name="Terraonva pp. 143-144">{{harvnb|Terranova|2003|ps=.|pp=143–144}}</ref> Burgee said the design created "a memorable landmark along the blandness of Third Avenue",<ref name="Burgee1990">{{Cite magazine |last=Burgee |first=John |date=Winter 1989 |title=The Value of Good Building Design and the Myths That Keep Us From It |url=https://usmodernist.org/FF/FF-1989-winter.pdf |magazine=Faith and Form |page=11 |access-date=July 14, 2022 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133420/https://usmodernist.org/FF/FF-1989-winter.pdf |url-status=live }}</ref> while Johnson said the shape was "appropriate for quirky Third Avenue but not for the more serious [[Park Avenue]]".<ref name="n84056777" /> Critics compared the building's massing to a tube of lipstick and to a luxury liner.<ref name="Stichweh 2016" /><ref name="Nash 2005" />
885 Third Avenue has a nearly elliptical massing because, at the time of the building's development, the [[New York City Department of City Planning]] was considering rezoning Midtown Manhattan.<ref name="Stern (2006) p. 530" /><ref name="nyt-1981-04-13">{{Cite news |last=Goldberger |first=Paul |date=April 13, 1981 |title=Midtown Area and Its Zoning; News Analysis |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/04/13/nyregion/midtown-area-and-its-zoning-news-analysis.html |access-date=July 12, 2022 |issn=0362-4331}}</ref>{{efn|The area was rezoned in 1982.<ref>{{Cite news|last=Goodwin|first=Michael|date=May 14, 1982|title=Midtown Zoning Changes Are Approved|language=en-US|work=The New York Times|url=https://www.nytimes.com/1982/05/14/nyregion/midtown-zoning-changes-are-approved.html|access-date=July 12, 2022|issn=0362-4331}}</ref>}} The massing contrasted with those of older buildings, which were typically designed with rectangular forms.<ref>{{Cite news |last=Johnson |first=Kirk |date=May 12, 1985 |title=New Downtown Space Prompts Fears of Surplus |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/05/12/realestate/new-downtown-space-prompts-fears-of-surplus.html |access-date=July 12, 2022 |issn=0362-4331}}</ref><ref name="Terraonva p. 143">{{harvnb|Terranova|2003|ps=.|p=143}}</ref> The elliptical shape allows pedestrians on 53rd and 54th Street to cut across the corners, and it permits additional light and air into the building.<ref name="Burgee1990" /><ref name="n84056777">{{Cite news |last=Berkowitz |first=Harry |date=July 24, 1989 |title=Creators Conform New York's Building Designers Pay Attention to Neighborhood |pages=114, [https://www.newspapers.com/clip/84056849/adjusting-architects/ 123], [https://www.newspapers.com/clip/84056883/adjusting-architects/ 124] |work=Newsday |via=newspapers.com |url=https://www.newspapers.com/clip/84056777/creators-conform-new-yorks-building/ |url-status=live |access-date=August 24, 2021 |archive-url=https://web.archive.org/web/20210824182154/https://www.newspapers.com/clip/84056777/creators-conform-new-yorks-building/ |archive-date=August 24, 2021}}</ref><ref name="Terraonva pp. 143-144">{{harvnb|Terranova|2003|ps=.|pp=143–144}}</ref> Burgee said the design created "a memorable landmark along the blandness of Third Avenue",<ref name="Burgee1990">{{Cite magazine |last=Burgee |first=John |date=Winter 1989 |title=The Value of Good Building Design and the Myths That Keep Us From It |url=https://usmodernist.org/FF/FF-1989-winter.pdf |magazine=Faith and Form |page=11 |access-date=July 14, 2022 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133420/https://usmodernist.org/FF/FF-1989-winter.pdf |url-status=live }}</ref> while Johnson said the shape was "appropriate for quirky Third Avenue but not for the more serious [[Park Avenue]]".<ref name="n84056777" /> Critics compared the building's massing to a tube of lipstick and to a luxury liner.<ref name="Stichweh 2016" /><ref name="Nash 2005" />


The building is divided vertically into three sections.<ref name="Terraonva p. 143" /> To comply with zoning laws, the Lipstick Building contains [[Setback (architecture)|setbacks]] above the 19th and 27th stories, above which the elliptical massing continues.<ref name="Stichweh 2016" /><ref name="Stern (2006) p. 530" /> Although the building appears to be elliptical, the base and both setback sections are actually polygonal, as the outer walls are composed of facets measuring {{convert|2|ft|7.5|in}} wide. The lowest section contains 180 sides; the midsection above the 19th story has 164 sides; and the top section above the 27th story has 156 sides. There is also a two-story mechanical space atop the roof, which is clad in granite and shaped like an ellipse.<ref name="Stern (2006) p. 530" /> The northeastern part of the site contains a rectangular nine-story annex,<ref name="nyt-1984-05-27">{{Cite news |date=1984-05-27 |title=Postings; Ellipse Among Rectangles |language=en-US |work=The New York Times |url=https://www.nytimes.com/1984/05/27/realestate/postings-ellipse-among-rectangles.html |access-date=2022-07-12 |issn=0362-4331}}</ref><ref name="Stern (2006) p. 531">{{harvnb|Stern|Fishman|Tilove|2006|ps=.|p=531}}</ref> the base of which contains a restaurant space.<ref name="Stern (2006) p. 531" />
The building is divided vertically into three sections.<ref name="Terraonva p. 143" /> To comply with zoning laws, the Lipstick Building contains [[Setback (architecture)|setbacks]] above the 19th and 27th stories, above which the elliptical massing continues.<ref name="Stichweh 2016" /><ref name="Stern (2006) p. 530" /> Although the building appears to be elliptical, the base and both setback sections are actually polygonal, as the outer walls are composed of facets measuring {{convert|2|ft|7.5|in}} wide. The lowest section contains 180 sides; the midsection above the 19th story has 164 sides; and the top section above the 27th story has 156 sides. There is also a two-story mechanical space atop the roof, which is clad in granite and shaped like an ellipse.<ref name="Stern (2006) p. 530" /> The northeastern part of the site contains a rectangular nine-story annex,<ref name="nyt-1984-05-27">{{Cite news |date=May 27, 1984 |title=Postings; Ellipse Among Rectangles |language=en-US |work=The New York Times |url=https://www.nytimes.com/1984/05/27/realestate/postings-ellipse-among-rectangles.html |access-date=July 12, 2022 |issn=0362-4331}}</ref><ref name="Stern (2006) p. 531">{{harvnb|Stern|Fishman|Tilove|2006|ps=.|p=531}}</ref> the base of which contains a restaurant space.<ref name="Stern (2006) p. 531" />


At the base, the building is supported by 28 stainless steel and granite columns, each {{Convert|28|ft}} high.<ref name="Stern (2006) p. 531" /> The columns protrude in front of the glass-walled lobby.<ref name="Johnson Payne Fox Lewis p." /><ref name="Terraonva p. 144">{{harvnb|Terranova|2003|ps=.|p=144}}</ref> The tops of the columns contain steel bands.<ref name="Johnson Payne Fox Lewis p." /> Behind the columns is an arcade that wraps around a 300-degree section of the building's perimeter. There are plantings adjacent to the arcade on both 53rd and 54th Streets.<ref name="Kayden 2016" /> The exterior of the building is a continuous wall of red Imperial [[granite]] and stainless steel. The ribbon windows are surrounded by gray frames. There are red [[spandrel]] panels between floors, which are framed by strips of stainless steel.<ref name="Stichweh 2016" /><ref name="Stern (2006) p. 530" /><ref name="Terraonva p. 144" />
At the base, the building is supported by 28 double-height stainless steel and granite columns, each {{Convert|28|ft}} high.<ref name="Stern (2006) p. 531" /> The columns protrude in front of the glass-walled lobby.<ref name="Johnson Payne Fox Lewis p." /><ref name="Terraonva p. 144">{{harvnb|Terranova|2003|ps=.|p=144}}</ref> The tops of the columns contain steel bands.<ref name="Johnson Payne Fox Lewis p." /> Behind the columns is an arcade that wraps around a 300-degree section of the building's perimeter. There are plantings adjacent to the arcade on both 53rd and 54th Streets.<ref name="Kayden 2016" /> The exterior of the building is a continuous wall of red Imperial [[granite]] and stainless steel. The ribbon windows are surrounded by gray frames. There are red [[spandrel]] panels between floors, which are framed by strips of stainless steel.<ref name="Stichweh 2016" /><ref name="Stern (2006) p. 530" /><ref name="Terraonva p. 144" />


=== Features ===
=== Features ===
The building has {{Convert|580000|ft2}} of space.<ref name="nyt-1987-05-10">{{Cite news |last=McCain |first=Mark |date=1987-05-10 |title=Voracious Space Demand Meets a Surging Supply |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/05/10/realestate/voracious-space-demand-meets-a-surging-supply.html |url-status=live |access-date=2022-07-13 |archive-url=https://web.archive.org/web/20220214215433/https://www.nytimes.com/1987/05/10/realestate/voracious-space-demand-meets-a-surging-supply.html |archive-date=February 14, 2022 |issn=0362-4331}}</ref><ref name="n105496353">{{Cite news |date=1985-11-01 |title=At 53rd & Third |pages=537 |work=Daily News |url=https://www.newspapers.com/clip/105496353/at-53rd-third/ |access-date=2022-07-13 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133420/https://www.newspapers.com/clip/105496353/at-53rd-third/ |url-status=live }}</ref> The site could accommodate 500,000 square feet of usable floor area without any zoning bonuses, but Hines Interests was allowed to add {{convert|71,544|ft2}} in exchange for improvements to the adjacent subway entrance.<ref name="p285356126" /> The building's lobby contained floor tiles decorated in a checkerboard pattern, as well as a glass-mosaic ceiling. Part of the lobby was converted into a cafe in 1992.<ref name="Stern (2006) p. 531" /> When 885 Third Avenue opened, it had four elevators with marble paneling. Each elevator cab used a different color of marble (green, brown, red, or rose).<ref name="nyt-1986-04-13">{{Cite news |last=Strugatch |first=Warren |date=1986-04-13 |title=What's New in Elevators; Dressing Up Onyx and Ebony |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/04/13/business/what-s-new-in-elevators-dressing-up-onyx-and-ebony.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133420/https://www.nytimes.com/1986/04/13/business/what-s-new-in-elevators-dressing-up-onyx-and-ebony.html |url-status=live }}</ref> The elevators are placed on the east (rear) side of the building, allowing the rest of the tower to rise with setbacks.<ref name="Johnson Payne Fox Lewis p." /><ref name="nyt-1987-03-18" />
The building has {{Convert|580000|ft2}} of space.<ref name="nyt-1987-05-10">{{Cite news |last=McCain |first=Mark |date=May 10, 1987 |title=Voracious Space Demand Meets a Surging Supply |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/05/10/realestate/voracious-space-demand-meets-a-surging-supply.html |url-status=live |access-date=July 13, 2022 |archive-url=https://web.archive.org/web/20220214215433/https://www.nytimes.com/1987/05/10/realestate/voracious-space-demand-meets-a-surging-supply.html |archive-date=February 14, 2022 |issn=0362-4331}}</ref><ref name="n105496353">{{Cite news |date=November 1, 1985 |title=At 53rd & Third |pages=537 |work=New York Daily News |via=newspapers.com |url=https://www.newspapers.com/clip/105496353/at-53rd-third/ |access-date=July 13, 2022 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133420/https://www.newspapers.com/clip/105496353/at-53rd-third/ |url-status=live }}</ref> The site could accommodate 500,000 square feet of usable floor area without any zoning bonuses, but [[Hines Interests]] was allowed to add {{convert|71,544|ft2}} in exchange for improvements to the adjacent subway entrance.<ref name="p285356126" /> The building's lobby contained floor tiles decorated in a checkerboard pattern, as well as a glass-mosaic ceiling. Part of the lobby was converted into a cafe in 1992.<ref name="Stern (2006) p. 531" /> When 885 Third Avenue opened, it had four elevators with marble paneling. Each elevator cab used a different color of marble (green, brown, red, or rose).<ref name="nyt-1986-04-13">{{Cite news |last=Strugatch |first=Warren |date=April 13, 1986 |title=What's New in Elevators; Dressing Up Onyx and Ebony |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/04/13/business/what-s-new-in-elevators-dressing-up-onyx-and-ebony.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133420/https://www.nytimes.com/1986/04/13/business/what-s-new-in-elevators-dressing-up-onyx-and-ebony.html |url-status=live }}</ref> The elevators are placed on the east (rear) side of the building, allowing the rest of the tower to rise with setbacks.<ref name="Johnson Payne Fox Lewis p." /><ref name="nyt-1987-03-18" />


885 Third Avenue's superstructure is made of reinforced concrete.<ref name="Terraonva p. 144" /> It includes a tube support system and a central core that tapers at the upper levels. Due to the building's unusual shape and its location on the east side of Third Avenue, winds from the north would cause an extremely large amount of eastward pressure. As a result, structural engineer Irwin Cantor decided to add the central core, which absorbs most of the structural loads.<ref name="nyt-1987-03-18">{{Cite news |last=Sims |first=Calvin |date=1987-03-18 |title=Business Technology; Defying the Wind With Less Steel |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/03/18/business/business-technology-defying-the-wind-with-less-steel.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=February 15, 2022 |archive-url=https://web.archive.org/web/20220215033806/https://www.nytimes.com/1987/03/18/business/business-technology-defying-the-wind-with-less-steel.html |url-status=live }}</ref> The central core contains the elevators and emergency staircases.<ref name="Terraonva p. 144" /> Also as a result of the building's unconventional shape, the office space and mechanical equipment had to be adjusted to fit the elliptical form of each story.<ref name="Stichweh 2016" /><ref name="Nash 2005" />
885 Third Avenue's superstructure is made of reinforced concrete.<ref name="Terraonva p. 144" /> It includes a tube support system and a central core that tapers at the upper levels. Due to the building's unusual shape and its location on the east side of Third Avenue, winds from the north would cause an extremely large amount of eastward pressure. As a result, structural engineer Irwin Cantor decided to add the central core, which absorbs most of the structural loads.<ref name="nyt-1987-03-18">{{Cite news |last=Sims |first=Calvin |date=March 18, 1987 |title=Business Technology; Defying the Wind With Less Steel |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/03/18/business/business-technology-defying-the-wind-with-less-steel.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=February 15, 2022 |archive-url=https://web.archive.org/web/20220215033806/https://www.nytimes.com/1987/03/18/business/business-technology-defying-the-wind-with-less-steel.html |url-status=live }}</ref> The central core contains the elevators and emergency staircases.<ref name="Terraonva p. 144" /> Also as a result of the building's unconventional shape, the office space and mechanical equipment had to be adjusted to fit the elliptical form of each story.<ref name="Stichweh 2016" /><ref name="Nash 2005" />


==History==
==History==


=== Development ===
=== Development ===
[[File:52nd_St_3rd_Av_td_03_-_Lipstick_Building.jpg|thumb|Seen from the south]]
[[File:Lipstick Building (51923067068).jpg|thumb|Seen from the south]]
In January 1981, Gerald Hines bought the site of 885 Third Avenue from Citicorp for $28 million.<ref name="nyt-1981-01-07" /><ref name="p134625456" /> The land had cost over {{convert|1000|$/ft2}}, a record price for land in Midtown Manhattan.<ref name="p134625456" /> This price did not include the cost of a leasehold in the middle of the block, which was acquired separately.<ref name="nyt-1981-01-07" /> At the time, Hines had developed 273 projects across the United States, but he had never before developed a structure in New York City. According to Hines, "We would like to do something that we're proud of and that the city would look favorably on."<ref>{{Cite news |date=1981-01-12 |title=Business People; Houston Developer Looks to New York |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/01/12/business/business-people-houston-developer-looks-to-new-york.html |access-date=2022-07-12 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133421/https://www.nytimes.com/1981/01/12/business/business-people-houston-developer-looks-to-new-york.html |url-status=live }}</ref> The site could be developed with an office building of up to {{Convert|460000|ft2}}.<ref name="nyt-1981-01-07" /><ref name=n105475128>{{Cite news|last=Smith|first=Randy|date=1981-04-14|title=Shape of things to come: oval tower on Third Ave.|pages=33, [https://www.newspapers.com/clip/105475353/ 37]|work=Daily News|url=https://www.newspapers.com/clip/105475128/shape-of-things-to-come-oval-tower-on/|access-date=2022-07-12|archive-date=July 14, 2022|archive-url=https://web.archive.org/web/20220714133421/https://www.newspapers.com/clip/105475128/shape-of-things-to-come-oval-tower-on/|url-status=live}}</ref> That April, Burgee and Johnson presented designs for an elliptical building on the site, but construction was not projected to begin for several years, since existing tenants' leases had yet to expire.<ref name=n105475128/> By August 1981, the details of the project had still not been finalized.<ref name="p134508922">{{cite news |date=18 Aug 1981 |title=Citicorp Agrees To Sell Property Near Its Center: It Expects After-Tax Gain Of $35 Million From Sale To Cadillac Fairview Unit |page=56 |work=Wall Street Journal |issn=0099-9660 |id={{ProQuest|134508922}}}}</ref><ref name="nyt-1981-08-09">{{Cite news |last=Horsley |first=Carter B. |date=1981-08-09 |title=Third Avenue Developing a Distinctive Signature |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/08/09/realestate/third-avenue-developing-a-distinctive-signature.html |access-date=2022-07-12 |issn=0362-4331}}</ref> Kenneth Hubbard, who led Hines's New York City office, said the elliptical massing was the only certainty in the design.<ref name="Stern (2006) p. 530" /><ref name="nyt-1981-08-09" />
In January 1981, Gerald Hines bought the site of 885 Third Avenue from Citicorp for $28 million.<ref name="nyt-1981-01-07" /><ref name="p134625456" /> The land had cost over {{convert|1000|$/ft2}}, a record price for land in Midtown Manhattan.<ref name="p134625456" /> This price did not include the cost of a leasehold in the middle of the block, which was acquired separately.<ref name="nyt-1981-01-07" /> At the time, Hines had developed 273 projects across the United States, but he had never before developed a structure in New York City. According to Hines, "We would like to do something that we're proud of and that the city would look favorably on."<ref>{{Cite news |date=January 12, 1981 |title=Business People; Houston Developer Looks to New York |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/01/12/business/business-people-houston-developer-looks-to-new-york.html |access-date=July 12, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133421/https://www.nytimes.com/1981/01/12/business/business-people-houston-developer-looks-to-new-york.html |url-status=live }}</ref> The site could be developed with an office building of up to {{Convert|460000|ft2}}.<ref name="nyt-1981-01-07" /><ref name=n105475128>{{Cite news|last=Smith|first=Randy|date=April 14, 1981|title=Shape of Things to Come: Oval Tower on Third Ave.|pages=33, [https://www.newspapers.com/clip/105475353/ 37]|work=New York Daily News|via=newspapers.com |url=https://www.newspapers.com/clip/105475128/shape-of-things-to-come-oval-tower-on/|access-date=July 12, 2022|archive-date=July 14, 2022|archive-url=https://web.archive.org/web/20220714133421/https://www.newspapers.com/clip/105475128/shape-of-things-to-come-oval-tower-on/|url-status=live}}</ref> That April, Burgee and Johnson presented designs for an elliptical building on the site, but construction was not projected to begin for several years, since existing tenants' leases had yet to expire.<ref name=n105475128/> By August 1981, the details of the project had still not been finalized.<ref name="p134508922">{{cite news |date=August 18, 1981 |title=Citicorp Agrees To Sell Property Near Its Center: It Expects After-Tax Gain Of $35 Million From Sale To Cadillac Fairview Unit |page=56 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|134508922}}}}</ref><ref name="nyt-1981-08-09">{{Cite news |last=Horsley |first=Carter B. |date=August 9, 1981 |title=Third Avenue Developing a Distinctive Signature |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/08/09/realestate/third-avenue-developing-a-distinctive-signature.html |access-date=July 12, 2022 |issn=0362-4331}}</ref> Kenneth Hubbard, who led Hines's New York City office, said the elliptical massing was the only certainty in the design.<ref name="Stern (2006) p. 530" /><ref name="nyt-1981-08-09" />


In 1983, Hines Interests announced it would start constructing a 25- to 30-story building the following year, with {{convert|500000|ft2}} of space. At the time, a Hines spokesman said to ''The New York Times'': "We have no tenants yet. Do you know any?"<ref name="nyt-1983-01-30">{{Cite news |last=Anderson |first=Susan Heller |date=1983-01-30 |title=Long After the El, What's on Third? A Wall of Towers |language=en-US |work=The New York Times |url=https://www.nytimes.com/1983/01/30/realestate/long-after-the-el-what-s-on-third-a-wall-of-towers.html |access-date=2022-07-12 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133532/https://www.nytimes.com/1983/01/30/realestate/long-after-the-el-what-s-on-third-a-wall-of-towers.html |url-status=live }}</ref> Hines Interests paid $1 million to relocate one resident on the site, Paul Brine, who was paying $90.14 a month for an apartment on the site and had refused to relocate.<ref>{{Cite news |last=Hinds |first=Michael Decourcy |date=1985-09-29 |title=Holdouts Battle Developers in Site Wars |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/09/29/realestate/holdouts-battle-developers-in-site-wars.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133549/https://www.nytimes.com/1985/09/29/realestate/holdouts-battle-developers-in-site-wars.html |url-status=live }}</ref> Hines Interests broke ground for the tower in May 1984, even though there still were no tenants; this contrasted with the firm's typical approach, where it signed a major tenant before starting construction. At the time, it was erecting an office building for [[EF Hutton]] at 40 West 53rd Street, and Hines Interests saw the two projects "as a similar commitment".<ref name="nyt-1986-07-27">{{Cite news |last=Depalma |first=Anthony |date=1986-07-27 |title=Building Offices Without a Prime Tenant |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/07/27/realestate/building-offices-without-a-prime-tenant.html |access-date=2022-07-12 |issn=0362-4331 |archive-date=July 3, 2022 |archive-url=https://web.archive.org/web/20220703222700/https://www.nytimes.com/1986/07/27/realestate/building-offices-without-a-prime-tenant.html |url-status=live }}</ref>
In 1983, Hines Interests announced it would start constructing a 25- to 30-story building the following year, with {{convert|500000|ft2}} of space. At the time, a Hines spokesman said to ''The New York Times'': "We have no tenants yet. Do you know any?"<ref name="nyt-1983-01-30">{{Cite news |last=Anderson |first=Susan Heller |date=January 30, 1983 |title=Long After the El, What's on Third? A Wall of Towers |language=en-US |work=The New York Times |url=https://www.nytimes.com/1983/01/30/realestate/long-after-the-el-what-s-on-third-a-wall-of-towers.html |access-date=July 12, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133532/https://www.nytimes.com/1983/01/30/realestate/long-after-the-el-what-s-on-third-a-wall-of-towers.html |url-status=live }}</ref> Hines Interests paid $1 million to relocate one resident on the site, Paul Brine, who was paying $90.14 a month for an apartment on the site and had refused to relocate.<ref>{{Cite news |last=Hinds |first=Michael Decourcy |date=September 29, 1985 |title=Holdouts Battle Developers in Site Wars |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/09/29/realestate/holdouts-battle-developers-in-site-wars.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133549/https://www.nytimes.com/1985/09/29/realestate/holdouts-battle-developers-in-site-wars.html |url-status=live }}</ref> Hines Interests broke ground for the tower in May 1984, even though there still were no tenants; this contrasted with the firm's typical approach, where it signed a major tenant before starting construction. At the time, it was erecting an office building for [[EF Hutton]] at 40 West 53rd Street, and Hines Interests saw the two projects "as a similar commitment".<ref name="nyt-1986-07-27">{{Cite news |last=DePalma |first=Anthony |date=July 27, 1986 |title=Building Offices Without a Prime Tenant |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/07/27/realestate/building-offices-without-a-prime-tenant.html |access-date=July 12, 2022 |issn=0362-4331 |archive-date=July 3, 2022 |archive-url=https://web.archive.org/web/20220703222700/https://www.nytimes.com/1986/07/27/realestate/building-offices-without-a-prime-tenant.html |url-status=live }}</ref>


There was still uncertainty over the building's height as the foundation was being built, as Hines Interests and its partner Sterling Equites wanted to increase the building's floor area ratio by 20 percent in exchange for improving the adjacent subway stations. This would allow the developers to add {{convert|75000|ft2}}, for a maximum area of {{convert|580000|ft2}}.<ref name="nyt-1984-05-27" /> The bonus was ultimately approved.<ref name="nyt-1985-04-21" /> The project architect was Ronnette Riley of Burgee Johnson Architects, who oversaw the building's development.<ref name="p219099848">{{cite magazine |last=Medina |first=David |date=22 Jul 1996 |title=Lengthy architecture slump has firms redrawing future |magazine=Crain's New York Business |volume=12 |issue=30 |page=24 |id={{ProQuest|219099848}}}}</ref><ref>{{Cite news |last=Dunlap |first=David W. |date=1997-02-19 |title=Vintage Theater May Get New Role |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/02/19/nyregion/vintage-theater-may-get-new-role.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133532/https://www.nytimes.com/1997/02/19/nyregion/vintage-theater-may-get-new-role.html |url-status=live }}</ref> To attract tenants, Hines Interests opened a marketing center on the 31st floor of the nearby [[Seagram Building]], where the firm exhibited scale models of 40 West 53rd Street and 885 Third Avenue. The developers predicted that they could charge {{convert|45|to|60|$/ft2}} for the space.<ref name="nyt-1985-07-21">{{Cite news |last=Hinds |first=Michael Decourcy |date=1985-07-21 |title=Tenants Get the Edge in Office Market |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/07/21/realestate/tenants-get-the-edge-in-office-market.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=November 25, 2017 |archive-url=https://web.archive.org/web/20171125184024/http://www.nytimes.com/1985/07/21/realestate/tenants-get-the-edge-in-office-market.html |url-status=live }}</ref> Tenants paid a modified [[net lease]], but Hines Interests refunded any overpayments for taxes, utility costs, and operating costs.<ref name="nyt-1986-01-21">{{Cite news |last=Kennedy |first=Shawn G. |date=1986-01-21 |title=About Real Estate; Wall St. Renters Assume a Building's Entire Costs |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/01/21/business/about-real-estate-wall-st-renters-assume-a-building-s-entire-costs.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133607/https://www.nytimes.com/1986/01/21/business/about-real-estate-wall-st-renters-assume-a-building-s-entire-costs.html |url-status=live }}</ref>
There was still uncertainty over the building's height as the foundation was being built, as Hines Interests and its partner Sterling Equities wanted to increase the building's floor area ratio by 20 percent in exchange for improving the adjacent subway stations. This would allow the developers to add {{convert|75000|ft2}}, for a maximum area of {{convert|580000|ft2}}.<ref name="nyt-1984-05-27" /> The bonus was ultimately approved.<ref name="nyt-1985-04-21" /> The project architect was Ronnette Riley of Burgee Johnson Architects, who oversaw the building's development.<ref name="p219099848">{{cite magazine |last=Medina |first=David |date=July 22, 1996 |title=Lengthy Architecture Slump Has Firms Redrawing Future |magazine=Crain's New York Business |volume=12 |issue=30 |page=24 |id={{ProQuest|219099848}}}}</ref><ref>{{Cite news |last=Dunlap |first=David W. |date=February 19, 1997 |title=Vintage Theater May Get New Role |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/02/19/nyregion/vintage-theater-may-get-new-role.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133532/https://www.nytimes.com/1997/02/19/nyregion/vintage-theater-may-get-new-role.html |url-status=live }}</ref> To attract tenants, Hines Interests opened a marketing center on the 31st floor of the nearby [[Seagram Building]], where the firm exhibited scale models of 40 West 53rd Street and 885 Third Avenue. The developers predicted that they could charge {{convert|45|to|60|$/ft2}} for the space.<ref name="nyt-1985-07-21">{{Cite news |last=Hinds |first=Michael Decourcy |date=July 21, 1985 |title=Tenants Get the Edge in Office Market |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/07/21/realestate/tenants-get-the-edge-in-office-market.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=November 25, 2017 |archive-url=https://web.archive.org/web/20171125184024/http://www.nytimes.com/1985/07/21/realestate/tenants-get-the-edge-in-office-market.html |url-status=live }}</ref> Tenants paid a modified [[net lease]], but Hines Interests refunded any overpayments for taxes, utility costs, and operating costs.<ref name="nyt-1986-01-21">{{Cite news |last=Kennedy |first=Shawn G. |date=January 21, 1986 |title=About Real Estate; Wall St. Renters Assume a Building's Entire Costs |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/01/21/business/about-real-estate-wall-st-renters-assume-a-building-s-entire-costs.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133607/https://www.nytimes.com/1986/01/21/business/about-real-estate-wall-st-renters-assume-a-building-s-entire-costs.html |url-status=live }}</ref>


=== Hines operation ===
=== Hines operation ===
The building was completed in 1986.<ref name="Emporis"/> 885 Third Avenue received mixed criticism in its early years and was nicknamed the "Lipstick Building" for its unusual shape, but the office space was profitable.<ref name="p135584607">{{cite news |last=Mason |first=Todd |date=15 Jan 1992 |title=Firm Foundations: A Big Texas Developer Does the Unexpected: Keeps on Developing Gerald D. Hines Rarely Builds On Speculation, Slashes Costs, Avoids Heavy Debt Trying Hard to Please Clients |page=1 |work=Wall Street Journal |issn=0099-9660 |id={{ProQuest|135584607}}}}</ref><ref name="Stichweh 2016" /> About 65 percent of the building's space had been leased to a dozen tenants by mid-1986.<ref name="nyt-1986-07-27" /> Early tenants included a telecommunications center operated by [[Telecom Plus]];<ref name="n105496353" /> First Interstate Bank Limited;<ref name="nyt-1985-07-21" /> ad agency Hill, Holliday, Connors, Cosmopolus;<ref>{{Cite news |last=Dougherty |first=Philip H. |date=1985-10-28 |title=Advertising; Outsiders Catch On In the City |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/10/28/business/advertising-outsiders-catch-on-in-the-city.html |access-date=2022-07-13 |issn=0362-4331}}</ref> brokerage firm [[Bernard L. Madoff Investment Securities]];<ref name="nyt-2009-07-02">{{Cite news |date=2009-07-02 |title=Marshals Take Control of Madoff Apartment |language=en-US |work=The New York Times |url=https://www.nytimes.com/2009/07/03/business/03madoff.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133608/https://www.nytimes.com/2009/07/03/business/03madoff.html |url-status=live }}</ref> and the [[Nathan Cummings Foundation]].<ref>{{Cite news |last=Dunlap |first=David W. |date=1997-03-02 |title=The Anatomy of a 'People Building' |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/03/02/realestate/the-anatomy-of-a-people-building.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133610/https://www.nytimes.com/1997/03/02/realestate/the-anatomy-of-a-people-building.html |url-status=live }}</ref> John Burgee and Philip Johnson relocated their firm's architectural offices to the tower, which Hines officials considered a "strong endorsement".<ref name="nyt-1985-03-28">{{Cite news |last1=Dunlap |first1=David W. |last2=Rimer |first2=Sara |date=1985-03-28 |title=New York Day by Day; '53d at Third' Tower Separates the Unseparable |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/03/28/nyregion/new-york-day-by-day-53d-at-third-tower-separates-the-unseparable.html |access-date=2022-07-12 |issn=0362-4331}}</ref> By the end of the year, three-quarters of the building was occupied. Due to declining demand for office space, Hines Interests no longer expected to lease space to a few large tenants.<ref name="nyt-1986-11-02">{{Cite news |last=McCain |first=Mark |date=1986-11-02 |title=Deals Proliferate in Softer Manhattan Office Market |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/11/02/realestate/deals-proliferate-in-softer-manhattan-office-market.html |access-date=2022-07-13 |issn=0362-4331}}</ref>
The building was completed in 1986.<ref name="Emporis"/> 885 Third Avenue received mixed criticism in its early years and was nicknamed the "Lipstick Building" for its unusual shape, but the office space was profitable.<ref name="p135584607">{{cite news |last=Mason |first=Todd |date=January 15, 1992 |title=Firm Foundations: A Big Texas Developer Does the Unexpected: Keeps on Developing Gerald D. Hines Rarely Builds On Speculation, Slashes Costs, Avoids Heavy Debt Trying Hard to Please Clients |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|135584607}}}}</ref><ref name="Stichweh 2016" /> About 65 percent of the building's space had been leased to a dozen tenants by mid-1986.<ref name="nyt-1986-07-27" /> Early tenants included a telecommunications center operated by [[Telecom Plus]];<ref name="n105496353" /> First Interstate Bank Limited;<ref name="nyt-1985-07-21" /> ad agency Hill, Holliday, Connors, Cosmopolus;<ref>{{Cite news |last=Dougherty |first=Philip H. |date=October 28, 1985 |title=Advertising; Outsiders Catch On In the City |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/10/28/business/advertising-outsiders-catch-on-in-the-city.html |access-date=July 13, 2022 |issn=0362-4331}}</ref> brokerage firm [[Bernard L. Madoff Investment Securities]];<ref name="nyt-2009-07-02">{{Cite news |date=July 2, 2009 |title=Marshals Take Control of Madoff Apartment |language=en-US |work=The New York Times |url=https://www.nytimes.com/2009/07/03/business/03madoff.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133608/https://www.nytimes.com/2009/07/03/business/03madoff.html |url-status=live }}</ref> and the [[Nathan Cummings Foundation]].<ref>{{Cite news |last=Dunlap |first=David W. |date=March 2, 1997 |title=The Anatomy of a 'People Building' |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/03/02/realestate/the-anatomy-of-a-people-building.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133610/https://www.nytimes.com/1997/03/02/realestate/the-anatomy-of-a-people-building.html |url-status=live }}</ref> John Burgee and Philip Johnson relocated their firm's architectural offices to the tower, which Hines officials considered a "strong endorsement".<ref name="nyt-1985-03-28">{{Cite news |last1=Dunlap |first1=David W. |last2=Rimer |first2=Sara |date=March 28, 1985 |title=New York Day by Day; '53d at Third' Tower Separates the Unseparable |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/03/28/nyregion/new-york-day-by-day-53d-at-third-tower-separates-the-unseparable.html |access-date=July 12, 2022 |issn=0362-4331}}</ref> By the end of the year, three-quarters of the building was occupied. Due to declining demand for office space, Hines Interests no longer expected to lease space to a few large tenants.<ref name="nyt-1986-11-02">{{Cite news |last=McCain |first=Mark |date=November 2, 1986 |title=Deals Proliferate in Softer Manhattan Office Market |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/11/02/realestate/deals-proliferate-in-softer-manhattan-office-market.html |access-date=July 13, 2022 |issn=0362-4331}}</ref>


An Italian restaurant named Toscana Ristorante opened on the 54th Street side of the building in 1987,<ref name="nyt-1987-09-04">{{Cite news |last=Miller |first=Bryan |date=1987-09-04 |title=Restaurants |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/09/04/arts/restaurants-409987.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=November 5, 2017 |archive-url=https://web.archive.org/web/20171105154812/http://www.nytimes.com/1987/09/04/arts/restaurants-409987.html |url-status=live }}</ref> while a cafe opened on the 53rd Street side in 1999.<ref>{{Cite news |last=Miller |first=Bryan |date=1989-02-17 |title=Diner's Journal |language=en-US |work=The New York Times |url=https://www.nytimes.com/1989/02/17/arts/diner-s-journal.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=May 25, 2015 |archive-url=https://web.archive.org/web/20150525120955/http://www.nytimes.com/1989/02/17/arts/diner-s-journal.html |url-status=live }}</ref> By the early 1990s, Johnson said of the building: "When you say you work in the lipstick building, people know exactly where you are."<ref name="p135584607" /> The Lipstick Cafe opened in the lobby in 1992.<ref name="Stern (2006) p. 531" /><ref>{{Cite news |last=Fabricant |first=Florence |date=1992-08-19 |title=Food Notes |language=en-US |work=The New York Times |url=https://www.nytimes.com/1992/08/19/garden/food-notes-957692.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=January 16, 2018 |archive-url=https://web.archive.org/web/20180116090159/http://www.nytimes.com/1992/08/19/garden/food-notes-957692.html |url-status=live }}</ref> The next year, Toscana Ristorante was replaced with a restaurant called Vong, designed by David Rockwell and Jay Haverson.<ref name="Stern (2006) p. 531" /><ref>{{Cite news |last=Muschamp |first=Herbert |date=1993-02-17 |title=Review/Architecture; Masterful Lighting Sets the Stage for Discovery at Vong |language=en-US |work=The New York Times |url=https://www.nytimes.com/1993/02/17/style/review-architecture-masterful-lighting-sets-the-stage-for-discovery-at-vong.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=June 11, 2019 |archive-url=https://web.archive.org/web/20190611055900/https://www.nytimes.com/1993/02/17/style/review-architecture-masterful-lighting-sets-the-stage-for-discovery-at-vong.html |url-status=live }}</ref> By the early 2000s, the office tenants included law firm [[Bingham McCutchen]],<ref name="p219129381">{{cite magazine |last=Croghan |first=Lore |date=20 Aug 2001 |title=Busy law firms court new leases |magazine=Crain's New York Business |volume=17 |issue=34 |page=10 |id={{ProQuest|219129381}}}}</ref> law firm [[Latham & Watkins]],<ref name="p305689457">{{cite news |last=Herman |first=Eric |date=19 Sep 2001 |title=Desperately Seeking Space |page=91 |work=New York Daily News |id={{ProQuest|305689457}}}}</ref> computer company [[Unisys]],<ref name="p330391700">{{cite news |last=Taub |first=Daniel |date=9 June 2005 |title=German investors buy into NYC's Lipstick Building: 49% for US$164- million |page=FP10 |work=National Post |id={{ProQuest|330391700}}}}</ref> and financial firm [[Morgan Stanley]].<ref name="Quinlan 2011">{{cite web |last=Quinlan |first=Adriane |date=July 19, 2011 |title=The Cubicle Is a Canvas at a Midtown Art Show |url=https://archive.nytimes.com/cityroom.blogs.nytimes.com/2011/07/15/office-art-show/ |access-date=July 13, 2022 |website=City Room |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133613/https://archive.nytimes.com/cityroom.blogs.nytimes.com/2011/07/15/office-art-show/ |url-status=live }}</ref>
An Italian restaurant named Toscana Ristorante opened on the 54th Street side of the building in 1987,<ref name="nyt-1987-09-04">{{Cite news |last=Miller |first=Bryan |date=September 4, 1987 |title=Restaurants |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/09/04/arts/restaurants-409987.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=November 5, 2017 |archive-url=https://web.archive.org/web/20171105154812/http://www.nytimes.com/1987/09/04/arts/restaurants-409987.html |url-status=live }}</ref> while a cafe opened on the 53rd Street side in 1999.<ref>{{Cite news |last=Miller |first=Bryan |date=February 17, 1989 |title=Diner's Journal |language=en-US |work=The New York Times |url=https://www.nytimes.com/1989/02/17/arts/diner-s-journal.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=May 25, 2015 |archive-url=https://web.archive.org/web/20150525120955/http://www.nytimes.com/1989/02/17/arts/diner-s-journal.html |url-status=live }}</ref> By the early 1990s, Johnson said of the building: "When you say you work in the lipstick building, people know exactly where you are."<ref name="p135584607" /> The Lipstick Cafe opened in the lobby in 1992.<ref name="Stern (2006) p. 531" /><ref>{{Cite news |last=Fabricant |first=Florence |date=August 19, 1992 |title=Food Notes |language=en-US |work=The New York Times |url=https://www.nytimes.com/1992/08/19/garden/food-notes-957692.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=January 16, 2018 |archive-url=https://web.archive.org/web/20180116090159/http://www.nytimes.com/1992/08/19/garden/food-notes-957692.html |url-status=live }}</ref> The next year, Toscana Ristorante was replaced with a restaurant called [[Vong (restaurant)|Vong]], designed by David Rockwell and Jay Haverson.<ref name="Stern (2006) p. 531" /><ref>{{Cite news |last=Muschamp |first=Herbert |date=February 17, 1993 |title=Review/Architecture; Masterful Lighting Sets the Stage for Discovery at Vong |language=en-US |work=The New York Times |url=https://www.nytimes.com/1993/02/17/style/review-architecture-masterful-lighting-sets-the-stage-for-discovery-at-vong.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=June 11, 2019 |archive-url=https://web.archive.org/web/20190611055900/https://www.nytimes.com/1993/02/17/style/review-architecture-masterful-lighting-sets-the-stage-for-discovery-at-vong.html |url-status=live }}</ref> By the early 2000s, the office tenants included law firm [[Bingham McCutchen]],<ref name="p219129381">{{cite magazine |last=Croghan |first=Lore |date=August 20, 2001 |title=Busy Law Firms Court New Leases |magazine=Crain's New York Business |volume=17 |issue=34 |page=10 |id={{ProQuest|219129381}}}}</ref> law firm [[Latham & Watkins]],<ref name="p305689457">{{cite news |last=Herman |first=Eric |date=September 19, 2001 |title=Desperately Seeking Space |page=91 |work=New York Daily News |id={{ProQuest|305689457}}}}</ref> computer company [[Unisys]],<ref name="p330391700">{{cite news |last=Taub |first=Daniel |date=June 9, 2005 |title=German Investors Buy into NYC's Lipstick Building: 49% for US$164- Million |page=FP10 |work=National Post |id={{ProQuest|330391700}}}}</ref> and financial firm [[Morgan Stanley]].<ref name="Quinlan 2011">{{cite web |last=Quinlan |first=Adriane |date=July 19, 2011 |title=The Cubicle Is a Canvas at a Midtown Art Show |url=https://archive.nytimes.com/cityroom.blogs.nytimes.com/2011/07/15/office-art-show/ |access-date=July 13, 2022 |website=City Room |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133613/https://archive.nytimes.com/cityroom.blogs.nytimes.com/2011/07/15/office-art-show/ |url-status=live }}</ref>


=== 2000s ===
=== 2000s ===
[[File:Lipstick_building.jpg|thumb|Seen from the east, with Citigroup Center behind]]
[[File:Lipstick building.jpg|thumb|Seen from the east, with Citigroup Center behind]]
In January 2004, Tishman Speyer signed a contract to purchase the building. By then, landlords in New York City were buying up buildings in anticipation of rising rental rates.<ref name="n105537354">{{Cite news |last=Cockfield |first=Errol A., Jr. |date=2004-01-28 |title=Lipstick Catches The Attention Of Tishman Speyer |pages=38 |work=Newsday |url=https://www.newspapers.com/clip/105537354/lipstick-catches-the-attention-of/ |access-date=2022-07-13 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133613/https://www.newspapers.com/clip/105537354/lipstick-catches-the-attention-of/ |url-status=live }}</ref> Later that year, Hines Interests sold the building to Tishman Speyer for $235 million.<ref name="wsj-2011-01-24">{{Cite news |last=Rubinstein |first=Dana |date=2011-01-24 |title=Building Seeks New Gloss |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748703398504576100341936279776 |access-date=2022-07-12 |issn=0099-9660 |archive-date=January 19, 2021 |archive-url=https://web.archive.org/web/20210119193041/https://www.wsj.com/articles/SB10001424052748703398504576100341936279776 |url-status=live }}</ref><ref name="p330391700" /> Latham & Watkins signed a 15-year lease for over half the building, or {{convert|319,665|ft2}}, in late 2004 amid growing demand for office space in Midtown Manhattan.<ref>{{Cite news |last=Holusha |first=John |date=2005-02-02 |title=High Demand Puts Midtown at Turning Point, as Office Vacancy Rate Drops to 10% |language=en-US |work=The New York Times |url=https://www.nytimes.com/2005/02/02/business/high-demand-puts-midtown-at-turning-point-as-office-vacancy-rate.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=February 25, 2018 |archive-url=https://web.archive.org/web/20180225092639/http://www.nytimes.com/2005/02/02/business/high-demand-puts-midtown-at-turning-point-as-office-vacancy-rate.html |url-status=live }}</ref> TMW Property Funds, a fund managed by [[Prudential Financial|Prudential Real Estate Investors]], bought a 49 percent interest in the building from Tishman Speyer in mid-2005 for $164 million.<ref name="p330391700" /><ref name="p398969052">{{cite news |last=Muto |first=Sheila |date=13 Apr 2005 |title=Plots & Ploys |page=B4 |work=Wall Street Journal |issn=0099-9660 |id={{ProQuest|398969052}}}}</ref> The sale valued the building at $335 million.<ref name="p398969052" /> Prudential represented a group of German investors in the transaction. By then, the building was 95 percent occupied.<ref name="p330391700" /> Tishman Speyer decided to place 885 Third Avenue for sale in March 2007.<ref name="New York Daily News 2007">{{cite web |date=March 24, 2007 |title=Lipstick building goes on block |url=https://www.nydailynews.com/news/money/lipstick-building-block-article-1.214522 |access-date=July 12, 2022 |website=New York Daily News |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133614/https://www.nydailynews.com/news/money/lipstick-building-block-article-1.214522 |url-status=live }}</ref><ref name="Observer 2007">{{cite news |last=Koblin |first=John |date=March 28, 2007 |title=Jerry Speyer's Lipstick Collar |page=40 |work=Observer |id={{ProQuest|333529769}}}}</ref> Prudential had wanted to sell the building, and real estate experts predicted the property could be sold for over $500 million.<ref name="Observer 2007" />
In January 2004, Tishman Speyer signed a contract to purchase the building. By then, landlords in New York City were buying up buildings in anticipation of rising rental rates.<ref name="n105537354">{{Cite news |last=Cockfield |first=Errol A. Jr. |date=January 28, 2004 |title=Lipstick Catches The Attention Of Tishman Speyer |pages=38 |work=Newsday |via=newspapers.com |url=https://www.newspapers.com/clip/105537354/lipstick-catches-the-attention-of/ |access-date=July 13, 2022 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133613/https://www.newspapers.com/clip/105537354/lipstick-catches-the-attention-of/ |url-status=live }}</ref> Later that year, Hines Interests sold the building to Tishman Speyer for $235 million.<ref name="wsj-2011-01-24">{{Cite news |last=Rubinstein |first=Dana |date=January 24, 2011 |title=Building Seeks New Gloss |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748703398504576100341936279776 |access-date=July 12, 2022 |issn=0099-9660 |archive-date=January 19, 2021 |archive-url=https://web.archive.org/web/20210119193041/https://www.wsj.com/articles/SB10001424052748703398504576100341936279776 |url-status=live }}</ref><ref name="p330391700" /> Latham & Watkins signed a 15-year lease for over half the building, or {{convert|319,665|ft2}}, in late 2004 amid growing demand for office space in Midtown Manhattan.<ref>{{Cite news |last=Holusha |first=John |date=February 2, 2005 |title=High Demand Puts Midtown at Turning Point, As Office Vacancy Rate Drops to 10% |language=en-US |work=The New York Times |url=https://www.nytimes.com/2005/02/02/business/high-demand-puts-midtown-at-turning-point-as-office-vacancy-rate.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=February 25, 2018 |archive-url=https://web.archive.org/web/20180225092639/http://www.nytimes.com/2005/02/02/business/high-demand-puts-midtown-at-turning-point-as-office-vacancy-rate.html |url-status=live }}</ref> TMW Property Funds, a fund managed by [[Prudential Financial|Prudential Real Estate Investors]], bought a 49 percent interest in the building from Tishman Speyer in mid-2005 for $164 million.<ref name="p330391700" /><ref name="p398969052">{{cite news |last=Muto |first=Sheila |date=April 13, 2005 |title=Plots & Ploys |page=B4 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398969052}}}}</ref> The sale valued the building at $335 million.<ref name="p398969052" /> Prudential represented a group of German investors in the transaction. By then, the building was 95 percent occupied.<ref name="p330391700" /> Tishman Speyer decided to place 885 Third Avenue for sale in March 2007.<ref name="New York Daily News 2007">{{cite web |date=March 24, 2007 |title=Lipstick Building Goes on Block |url=https://www.nydailynews.com/news/money/lipstick-building-block-article-1.214522 |access-date=July 12, 2022 |website=New York Daily News |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133614/https://www.nydailynews.com/news/money/lipstick-building-block-article-1.214522 |url-status=live }}</ref><ref name="Observer 2007">{{cite news |last=Koblin |first=John |date=March 28, 2007 |title=Jerry Speyer's Lipstick Collar |page=40 |work=Observer |id={{ProQuest|333529769}}}}</ref> Prudential had wanted to sell the building, and real estate experts predicted the property could be sold for over $500 million.<ref name="Observer 2007" />


A consortium known as Metropolitan 885 Third Avenue LLC<ref name="Stempel 20102" /><ref name="financialpost 2010">{{cite news |date=November 20, 2010 |title=Owner of New York's Lipstick Building catches break from RBC |url=https://financialpost.com/legal-post/owner-of-new-yorks-lipstick-building-catches-break-from-rbc |access-date=July 12, 2022 |newspaper=Financial Post|last1=News |first1=Bloomberg }}</ref> bought the building in July 2007 for $648.5 million,<ref name="DealBook 2017">{{cite web |date=July 9, 2009 |title=Lipstick Building in New York Is Sold |url=https://dealbook.nytimes.com/2007/07/09/lipstick-building-in-new-york-is-sold/ |access-date=July 12, 2022 |website=DealBook |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133615/https://archive.nytimes.com/dealbook.nytimes.com/2007/07/09/lipstick-building-in-new-york-is-sold/ |url-status=live }}</ref><ref name="nyt-2007-07-09">{{Cite news |last= |first= |date=2007-07-09 |title=Israeli-Led Group to Buy the Lipstick Building in Manhattan |language=en-US |work=The New York Times |url=https://www.nytimes.com/2007/07/09/business/09real.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=March 11, 2016 |archive-url=https://web.archive.org/web/20160311000404/http://www.nytimes.com/2007/07/09/business/09real.html |url-status=live }}</ref> finalizing their purchase the next month.<ref name="Stempel 2010">{{cite web |last=Stempel |first=Jonathan |date=November 16, 2010 |title=Owner of NY's Lipstick Building files bankruptcy |url=https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |access-date=July 12, 2022 |website=U.S. |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133652/https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |url-status=live }}</ref> Following the sale, Israeli companies Tao Tsuot and Financial Levers collectively owned a 70 percent stake in the building. The remainder was owned by Metropolitan Real Estate Investments, Marciano Investment Group, and a third investor.<ref name="nyt-2007-07-09" /><ref name="trd-2019-03-13">{{Cite web |date=2019-03-13 |title=885 Third Avenue &#124; TRD Research |url=https://therealdeal.com/new-research/topics/property/885-third-avenue/ |access-date=2022-07-13 |website=TRD Research &#124; Published by The Real Deal |archive-date=May 22, 2019 |archive-url=https://web.archive.org/web/20190522122741/https://therealdeal.com/new-research/topics/property/885-third-avenue/ |url-status=live }}</ref><ref name="U.S. 2007">{{cite web |date=July 8, 2007 |title=Israel's Tao, Menofim to buy NYC Lipstick Building |url=https://www.reuters.com/article/tao-menofim-idUSL0814157520070708 |access-date=July 13, 2022 |website=Reuters |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133617/https://www.reuters.com/article/tao-menofim-idUSL0814157520070708 |url-status=live }}</ref> The sale included an option for the owners to acquire the underlying land in 2020 or later.<ref name="Feery 2016">{{cite web |last=Feery |first=Chris |date=February 10, 2016 |title=Louis Ceruzzi Buys Ground Under Lipstick Building For $453M |url=https://www.bisnow.com/new-york/news/commercial-real-estate/ceruzzi-holdings-buys-ground-under-lipstick-building-for-453m-55764 |access-date=July 13, 2022 |website=Bisnow |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133617/https://www.bisnow.com/new-york/news/commercial-real-estate/ceruzzi-holdings-buys-ground-under-lipstick-building-for-453m-55764 |url-status=live }}</ref> As part of the same deal, [[SL Green]] acquired a [[Fee simple|fee interest]] for 79 percent of the underlying land, as well as a leasehold for the remaining 21 percent of the site, for $317 million.<ref name="REBusinessOnline 2016">{{cite web |date=February 10, 2016 |title=SL Green Completes Sale of Two New York Assets for $508M |url=https://rebusinessonline.com/sl-green-completes-sale-of-two-new-york-assets-for-508m/ |access-date=July 13, 2022 |website=REBusinessOnline |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133618/https://rebusinessonline.com/sl-green-completes-sale-of-two-new-york-assets-for-508m/ |url-status=live }}</ref><ref name="Koblin 2007">{{cite web |last=Koblin |first=John |date=July 18, 2007 |title=SL Green Buys Into Lipstick Building |url=https://observer.com/2007/07/sl-green-buys-into-lipstick-building/ |access-date=July 13, 2022 |website=Observer |archive-date=April 16, 2021 |archive-url=https://web.archive.org/web/20210416193420/https://observer.com/2007/07/sl-green-buys-into-lipstick-building/ |url-status=live }}</ref> SL Green owned 55 percent of the fee interest and leasehold, while its partner Gramercy Capital Corp. owned the remaining 45 percent.<ref name="trd-2019-03-13" /> This deal was part of a complicated financing package for the building itself.<ref name="Koblin 20072">{{cite web |last=Koblin |first=John |date=July 18, 2007 |title=SL Green Buys Into Lipstick Building |url=https://observer.com/2007/07/sl-green-buys-into-lipstick-building/ |access-date=July 13, 2022 |website=Observer |archive-date=April 16, 2021 |archive-url=https://web.archive.org/web/20210416193420/https://observer.com/2007/07/sl-green-buys-into-lipstick-building/ |url-status=live }}</ref><ref name="Free Online Library 2007">{{cite web |date=Aug 1, 2007 |title=Carlton arranges $587m Lipstick financing. |url=https://www.thefreelibrary.com/Carlton+arranges+%24587m+Lipstick+financing.-a0167388884 |access-date=July 13, 2022 |website=Free Online Library |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133945/https://www.thefreelibrary.com/Carlton+arranges+$587m+Lipstick+financing.-a0167388884 |url-status=live }}</ref> The building's owners also acquired a $210 million first mortgage loan from the [[Royal Bank of Canada]] (RBC),<ref name="wsj-2011-01-24" /> as well as a $60 million preferred equity loan from [[Goldman Sachs]].<ref name="wsj-2008-07-09">{{Cite news |date=2008-07-09 |title=Lipstick's Leverage |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB121555301416837147 |access-date=2022-07-12 |issn=0099-9660 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133619/https://www.wsj.com/articles/SB121555301416837147 |url-status=live }}</ref> The site acquisition, first mortgage loan, and preferred equity loan amounted to $587 million in financing.<ref name="U.S. 2007" /><ref name="Free Online Library 2007" /> [[Wachovia]] had offered to finance 90 percent of the building's purchase price but ultimately reneged from the deal.<ref>{{Cite news |last1=Haughney |first1=Christine |last2=Pristin |first2=Terry |date=2008-01-23 |title=Wachovia's Big-City Splash Has a Sobering Aftermath |language=en-US |work=The New York Times |url=https://www.nytimes.com/2008/01/23/realestate/commercial/23wachovia.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=January 6, 2018 |archive-url=https://web.archive.org/web/20180106035538/http://www.nytimes.com/2008/01/23/realestate/commercial/23wachovia.html |url-status=live }}</ref>
A consortium known as Metropolitan 885 Third Avenue LLC<ref name="Stempel 20102" /><ref name="financialpost 2010">{{cite news |date=November 20, 2010 |title=Owner of New York's Lipstick Building Catches Break from RBC |url=https://financialpost.com/legal-post/owner-of-new-yorks-lipstick-building-catches-break-from-rbc |access-date=July 12, 2022 |newspaper=Financial Post |last=Bloomberg News }}</ref> bought the building in July 2007 for $648.5 million,<ref name="DealBook 2017">{{cite web |date=July 9, 2009 |title=Lipstick Building in New York Is Sold |url=https://dealbook.nytimes.com/2007/07/09/lipstick-building-in-new-york-is-sold/ |access-date=July 12, 2022 |website=DealBook |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133615/https://archive.nytimes.com/dealbook.nytimes.com/2007/07/09/lipstick-building-in-new-york-is-sold/ |url-status=live }}</ref><ref name="nyt-2007-07-09">{{Cite news |last= |first= |date=July 9, 2007 |title=Israeli-Led Group to Buy the Lipstick Building in Manhattan |language=en-US |work=The New York Times |url=https://www.nytimes.com/2007/07/09/business/09real.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=March 11, 2016 |archive-url=https://web.archive.org/web/20160311000404/http://www.nytimes.com/2007/07/09/business/09real.html |url-status=live }}</ref> finalizing their purchase the next month.<ref name="Stempel 2010">{{cite web |last=Stempel |first=Jonathan |date=November 16, 2010 |title=Owner of NY's Lipstick Building Files Bankruptcy |url=https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |access-date=July 12, 2022 |website=U.S. |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133652/https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |url-status=live }}</ref> Following the sale, Israeli companies Tao Tsuot and Financial Levers collectively owned a 70 percent stake in the building. The remainder was owned by Metropolitan Real Estate Investments, Marciano Investment Group, and a third investor.<ref name="nyt-2007-07-09" /><ref name="trd-2019-03-13">{{Cite web |date=March 13, 2019 |title=885 Third Avenue &#124; TRD Research |url=https://therealdeal.com/new-research/topics/property/885-third-avenue/ |access-date=July 13, 2022 |website=TRD Research &#124; Published by The Real Deal |archive-date=May 22, 2019 |archive-url=https://web.archive.org/web/20190522122741/https://therealdeal.com/new-research/topics/property/885-third-avenue/ |url-status=live }}</ref><ref name="U.S. 2007">{{cite web |date=July 8, 2007 |title=Israel's Tao, Menofim to Buy NYC Lipstick Building |url=https://www.reuters.com/article/tao-menofim-idUSL0814157520070708 |access-date=July 13, 2022 |website=Reuters |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133617/https://www.reuters.com/article/tao-menofim-idUSL0814157520070708 |url-status=live }}</ref> The sale included an option for the owners to acquire the underlying land in 2020 or later.<ref name="Feery 2016">{{cite web |last=Feery |first=Chris |date=February 10, 2016 |title=Louis Ceruzzi Buys Ground Under Lipstick Building For $453M |url=https://www.bisnow.com/new-york/news/commercial-real-estate/ceruzzi-holdings-buys-ground-under-lipstick-building-for-453m-55764 |access-date=July 13, 2022 |website=Bisnow |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133617/https://www.bisnow.com/new-york/news/commercial-real-estate/ceruzzi-holdings-buys-ground-under-lipstick-building-for-453m-55764 |url-status=live }}</ref> As part of the same deal, [[SL Green]] acquired a [[Fee simple|fee interest]] for 79 percent of the underlying land, as well as a leasehold for the remaining 21 percent of the site, for $317 million.<ref name="REBusinessOnline 2016">{{cite web |date=February 10, 2016 |title=SL Green Completes Sale of Two New York Assets for $508M |url=https://rebusinessonline.com/sl-green-completes-sale-of-two-new-york-assets-for-508m/ |access-date=July 13, 2022 |website=REBusinessOnline |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133618/https://rebusinessonline.com/sl-green-completes-sale-of-two-new-york-assets-for-508m/ |url-status=live }}</ref><ref name="Koblin 2007">{{cite web |last=Koblin |first=John |date=July 18, 2007 |title=SL Green Buys Into Lipstick Building |url=https://observer.com/2007/07/sl-green-buys-into-lipstick-building/ |access-date=July 13, 2022 |website=Observer |archive-date=April 16, 2021 |archive-url=https://web.archive.org/web/20210416193420/https://observer.com/2007/07/sl-green-buys-into-lipstick-building/ |url-status=live }}</ref> SL Green owned 55 percent of the fee interest and leasehold, while its partner Gramercy Capital Corp. owned the remaining 45 percent.<ref name="trd-2019-03-13" /> This deal was part of a complicated financing package for the building itself.<ref name="Koblin 2007"/><ref name="Free Online Library 2007">{{cite web |date=August 1, 2007 |title=Carlton Arranges $587m Lipstick Financing. |url=https://www.thefreelibrary.com/Carlton+arranges+%24587m+Lipstick+financing.-a0167388884 |access-date=July 13, 2022 |website=Free Online Library |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133945/https://www.thefreelibrary.com/Carlton+arranges+$587m+Lipstick+financing.-a0167388884 |url-status=live }}</ref> The building's owners also acquired a $210 million first mortgage loan from the [[Royal Bank of Canada]] (RBC),<ref name="wsj-2011-01-24" /> as well as a $60 million preferred equity loan from [[Goldman Sachs]].<ref name="wsj-2008-07-09">{{Cite news |date=July 9, 2008 |title=Lipstick's Leverage |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB121555301416837147 |access-date=July 12, 2022 |issn=0099-9660 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133619/https://www.wsj.com/articles/SB121555301416837147 |url-status=live }}</ref> The site acquisition, first mortgage loan, and preferred equity loan amounted to $587 million in financing.<ref name="U.S. 2007" /><ref name="Free Online Library 2007" /> [[Wachovia]] had offered to finance 90 percent of the building's purchase price but ultimately reneged from the deal.<ref>{{Cite news |last1=Haughney |first1=Christine |last2=Pristin |first2=Terry |date=January 23, 2008 |title=Wachovia's Big-City Splash Has a Sobering Aftermath |language=en-US |work=The New York Times |url=https://www.nytimes.com/2008/01/23/realestate/commercial/23wachovia.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=January 6, 2018 |archive-url=https://web.archive.org/web/20180106035538/http://www.nytimes.com/2008/01/23/realestate/commercial/23wachovia.html |url-status=live }}</ref>


Although the majority of the space was already under long-term lease to Latham & Watkins, the new owners expressed confidence that the remaining space, which was occupied by a variety of small tenants, could be rented out at high rates.<ref name="Free Online Library 2007" /><ref name="nyt-2007-07-18">{{Cite news |last=Pristin |first=Terry |date=2007-07-18 |title=The Cost of Borrowing Moves Up |language=en-US |work=The New York Times |url=https://www.nytimes.com/2007/07/18/realestate/commercial/18invest.html |access-date=2022-07-13 |issn=0362-4331}}</ref> About 42 percent of the building's space was to become available for lease through 2013.<ref name="Free Online Library 2007" /> Metropolitan refinanced the building in July 2008 with a bridge loan from Goldman Sachs.<ref name="wsj-2008-07-09" /><ref name="Stempel 20102">{{cite web |last=Stempel |first=Jonathan |date=November 16, 2010 |title=Owner of NY's Lipstick Building files bankruptcy |url=https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |access-date=July 12, 2022 |website=U.S. |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133652/https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |url-status=live }}</ref> At the time, the building was 97 percent occupied, with only {{cvt|13800|ft2}} of vacant space available.<ref name="Free Online Library 2015">{{cite web |date=Jul 16, 2008 |title=Metropolitan restructures Lipstick. |url=https://www.thefreelibrary.com/Metropolitan+restructures+Lipstick-a0181814819 |access-date=July 12, 2022 |website=Free Online Library |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133740/https://www.thefreelibrary.com/Metropolitan+restructures+Lipstick-a0181814819 |url-status=live }}</ref> Around two-thirds of the building was occupied by just one tenant, Latham & Watkins.<ref name="Free Online Library 2015" /><ref name="NYREJ 2008">{{cite web |date=January 3, 2008 |title=Gell and Briody of CBRE lease 70,000 s/f for Metropolitan Real Estate |url=https://nyrej.com/print/1168 |access-date=July 12, 2022 |website=NYREJ |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133842/https://nyrej.com/print/1168 |url-status=live }}</ref> Bernard L. Madoff Investment Securities, which occupied three stories, folded in 2008 after its chairman [[Bernie Madoff]] was found to have operated a [[Madoff investment scandal|$65 billion Ponzi scheme]].<ref name="nyt-2008-12-15">{{Cite news |last1=Henriques |first1=Diana B. |last2=Berenson |first2=Alex |date=2008-12-15 |title=The 17th Floor, Where Wealth Went to Vanish |language=en-US |work=The New York Times |url=https://www.nytimes.com/2008/12/15/business/15madoff.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133748/https://www.nytimes.com/2008/12/15/business/15madoff.html |url-status=live }}</ref> Afterward, the [[Federal Bureau of Investigation]] took over part of Madoff's space while it was investigating charges of fraud against Madoff.<ref name="nyt-2009-07-02" /><ref name="wsj-2011-01-24" /> Brokers expressed concerns that the building's connection with Madoff would drive away tenants.<ref name="wsj-2011-01-24" /> Rental income at 885 Third Avenue declined in subsequent years, partly as a result of the Madoff scandal,<ref name="nyt-2010-04-22">{{Cite web |last=Dealbook |date=2010-04-22 |title=The Lipstick Foreclosure: Madoff Site in Trouble |url=https://dealbook.nytimes.com/2010/04/22/the-lipstick-foreclosure-madoff-site-in-trouble/ |access-date=2022-07-13 |website=DealBook |language=en |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133749/https://archive.nytimes.com/dealbook.nytimes.com/2010/04/22/the-lipstick-foreclosure-madoff-site-in-trouble/ |url-status=live }}</ref> but also because of increased vacancy rates caused by the [[financial crisis of 2007–2008]].<ref name="Rusli 2010">{{cite web |last=Rusli |first=Evelyn M. |date=November 16, 2010 |title=Owner of 'Lipstick Building' Seeks to Reorganize |url=https://dealbook.nytimes.com/2010/11/16/owner-of-lipstick-building-seeks-to-reorganize/ |access-date=July 13, 2022 |website=DealBook |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133749/https://archive.nytimes.com/dealbook.nytimes.com/2010/11/16/owner-of-lipstick-building-seeks-to-reorganize/ |url-status=live }}</ref> [[Wolfgang's Steakhouse]] took over Vong's former space in the building in late 2009.<ref name="trd-2019-03-13" />
Although the majority of the space was already under long-term lease to Latham & Watkins, the new owners expressed confidence that the remaining space, which was occupied by a variety of small tenants, could be rented out at high rates.<ref name="Free Online Library 2007" /><ref name="nyt-2007-07-18">{{Cite news |last=Pristin |first=Terry |date=July 18, 2007 |title=The Cost of Borrowing Moves Up |language=en-US |work=The New York Times |url=https://www.nytimes.com/2007/07/18/realestate/commercial/18invest.html |access-date=July 13, 2022 |issn=0362-4331}}</ref> About 42 percent of the building's space was to become available for lease through 2013.<ref name="Free Online Library 2007" /> Metropolitan refinanced the building in July 2008 with a bridge loan from Goldman Sachs.<ref name="wsj-2008-07-09" /><ref name="Stempel 20102">{{cite web |last=Stempel |first=Jonathan |date=November 16, 2010 |title=Owner of NY's Lipstick Building Files Bankruptcy |url=https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |access-date=July 12, 2022 |website=U.S. |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133652/https://www.reuters.com/article/lipstickbuilding-bankruptcy-idUKN1611479720101116 |url-status=live }}</ref> At the time, the building was 97 percent occupied, with only {{cvt|13800|ft2}} of vacant space available.<ref name="Free Online Library 2015">{{cite web |date=July 16, 2008 |title=Metropolitan Restructures Lipstick. |url=https://www.thefreelibrary.com/Metropolitan+restructures+Lipstick-a0181814819 |access-date=July 12, 2022 |website=Free Online Library |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133740/https://www.thefreelibrary.com/Metropolitan+restructures+Lipstick-a0181814819 |url-status=live }}</ref> Around two-thirds of the building was occupied by just one tenant, Latham & Watkins.<ref name="Free Online Library 2015" /><ref name="NYREJ 2008">{{cite web |date=January 3, 2008 |title=Gell and Briody of CBRE Lease 70,000 S/F For Metropolitan Real Estate |url=https://nyrej.com/print/1168 |access-date=July 12, 2022 |website=NYREJ |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133842/https://nyrej.com/print/1168 |url-status=live }}</ref> Bernard L. Madoff Investment Securities, which occupied three stories, folded in 2008 after its chairman [[Bernie Madoff]] was found to have operated a [[Madoff investment scandal|$65 billion Ponzi scheme]].<ref name="nyt-2008-12-15">{{Cite news |last1=Henriques |first1=Diana B. |last2=Berenson |first2=Alex |date=December 15, 2008 |title=The 17th Floor, Where Wealth Went to Vanish |language=en-US |work=The New York Times |url=https://www.nytimes.com/2008/12/15/business/15madoff.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133748/https://www.nytimes.com/2008/12/15/business/15madoff.html |url-status=live }}</ref> Afterward, the [[Federal Bureau of Investigation]] took over part of Madoff's space while it was investigating charges of fraud against Madoff.<ref name="nyt-2009-07-02" /><ref name="wsj-2011-01-24" /> Brokers expressed concerns that the building's connection with Madoff would drive away tenants.<ref name="wsj-2011-01-24" /> Rental income at 885 Third Avenue declined in subsequent years, partly as a result of the Madoff scandal,<ref name="nyt-2010-04-22">{{Cite web |last=Dealbook |date=April 22, 2010 |title=The Lipstick Foreclosure: Madoff Site in Trouble |url=https://dealbook.nytimes.com/2010/04/22/the-lipstick-foreclosure-madoff-site-in-trouble/ |access-date=July 13, 2022 |website=DealBook |language=en |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133749/https://archive.nytimes.com/dealbook.nytimes.com/2010/04/22/the-lipstick-foreclosure-madoff-site-in-trouble/ |url-status=live }}</ref> but also because of increased vacancy rates caused by the [[financial crisis of 2007–2008]].<ref name="Rusli 2010">{{cite web |last=Rusli |first=Evelyn M. |date=November 16, 2010 |title=Owner of 'Lipstick Building' Seeks to Reorganize |url=https://dealbook.nytimes.com/2010/11/16/owner-of-lipstick-building-seeks-to-reorganize/ |access-date=July 13, 2022 |website=DealBook |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133749/https://archive.nytimes.com/dealbook.nytimes.com/2010/11/16/owner-of-lipstick-building-seeks-to-reorganize/ |url-status=live }}</ref> [[Wolfgang's Steakhouse]] took over Vong's former space in the building in late 2009.<ref name="trd-2019-03-13" />


=== 2010s to present ===
=== 2010s to present ===
Metropolitan 885 Third Avenue LLC defaulted on its first mortgage loan in 2010, and RBC sued that June to foreclose on the building.<ref name="Stempel 20102" /><ref name="financialpost 2010" /> Metropolitan filed for bankruptcy that November.<ref name="Rusli 2010" /><ref>{{Cite news |last=Rubinstein |first=Dana |date=2010-11-17 |title=Owners of Lipstick Tower in Bankruptcy Pact |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748704312504575618883590883018 |access-date=2022-07-13 |issn=0099-9660 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133749/https://www.wsj.com/articles/SB10001424052748704312504575618883590883018 |url-status=live }}</ref><ref name="Geminder 2010">{{cite web |last=Geminder |first=Emily |date=November 23, 2010 |title=Another Lipstick Stain |url=https://observer.com/2010/11/another-lipstick-stain/ |access-date=July 12, 2022 |website=Observer |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133750/https://observer.com/2010/11/another-lipstick-stain/ |url-status=live }}</ref> Argentine group [[Inversiones y Representaciones Sociedad Anónima]] (IRSA) and the [[Marciano Investment Group]] acquired majority ownership of the building in a deal that valued the building at $395 million.<ref name="wsj-2011-01-24" /> SL Green consolidated its ownership of the underlying land, which was valued at $352 million.<ref name="REBusinessOnline 2016" /> Despite the Madoff controversy, the building was still more than 90 percent occupied after IRSA and Marciano's acquisition.<ref name="wsj-2011-01-24" /><ref name="p1014422105">{{cite magazine |last=Garmhausen |first=Steve |date=14 May 2012 |title=Big vacancies make Third Ave. midtown's top low-cost option |magazine=Crain's New York Business |volume=28 |issue=20 |page=15 |id={{ProQuest|1014422105}}}}</ref> Some vacant office space was used for an art show in 2011,<ref name="Quinlan 2011" /> and the lobby hosted an exhibition on Philip Johnson's work the next year.<ref name="New York Daily News 2012">{{cite web |date=August 17, 2012 |title=The Closer: Flips and splits of New York's real estate community |url=https://www.nydailynews.com/life-style/real-estate/closer-flips-splits-new-york-real-estate-community-article-1.1138520 |access-date=July 14, 2022 |website=New York Daily News |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133750/https://www.nydailynews.com/life-style/real-estate/closer-flips-splits-new-york-real-estate-community-article-1.1138520 |url-status=live }}</ref><ref name="Rosen 2012">{{cite web |last=Rosen |first=Daniel Edward |date=July 24, 2012 |title=Philip Johnson Gets Exhibition at The Lipstick Building |url=https://commercialobserver.com/2012/07/philip-johnson-gets-exhibition-at-the-lipstick-building/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=April 11, 2021 |archive-url=https://web.archive.org/web/20210411235016/https://commercialobserver.com/2012/07/philip-johnson-gets-exhibition-at-the-lipstick-building/ |url-status=live }}</ref> A cafe had opened within the building's lobby in 2010;<ref>{{Cite news |last=Fabricant |first=Florence |date=2010-09-08 |title=What's Opening This Season |language=en-US |work=The New York Times |url=https://www.nytimes.com/2010/09/08/dining/08preview.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133844/https://www.nytimes.com/2010/09/08/dining/08preview.html |url-status=live }}</ref> it was replaced in 2014 by the Crimson & Rye restaurant, operated by chef [[Charlie Palmer (chef)|Charlie Palmer]].<ref>{{Cite news |last=Fabricant |first=Florence |date=2014-07-22 |title=Champagne Charlie's Opens at the High Line Hotel |language=en-US |work=The New York Times |url=https://www.nytimes.com/2014/07/23/dining/champagne-charlies-opens-at-the-high-line-hotel.html |access-date=2022-07-14 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133750/https://www.nytimes.com/2014/07/23/dining/champagne-charlies-opens-at-the-high-line-hotel.html |url-status=live }}</ref> To attract tenants, IRSA and Marciano hired architectural firm [[Gensler]] to redesign some of the office space.<ref name="p1014422105" /> The owners then leased out the space as prebuilt offices, each with a few thousand square feet.<ref name="p1014422105" /><ref name=p1614252965>{{cite news |id={{ProQuest|1614252965}} |first=Keiko |last=Morris |title=Property: Demand Grows for Third Avenue Offices |date=21 Oct 2014 |page=A20 |work=Wall Street Journal|issn=0099-9660}}</ref>
Metropolitan 885 Third Avenue LLC defaulted on its first mortgage loan in 2010, and RBC sued that June to foreclose on the building.<ref name="Stempel 20102" /><ref name="financialpost 2010" /> Metropolitan filed for bankruptcy that November.<ref name="Rusli 2010" /><ref>{{Cite news |last=Rubinstein |first=Dana |date=November 17, 2010 |title=Owners of Lipstick Tower in Bankruptcy Pact |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748704312504575618883590883018 |access-date=July 13, 2022 |issn=0099-9660 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133749/https://www.wsj.com/articles/SB10001424052748704312504575618883590883018 |url-status=live }}</ref><ref name="Geminder 2010">{{cite web |last=Geminder |first=Emily |date=November 23, 2010 |title=Another Lipstick Stain |url=https://observer.com/2010/11/another-lipstick-stain/ |access-date=July 12, 2022 |website=Observer |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133750/https://observer.com/2010/11/another-lipstick-stain/ |url-status=live }}</ref> Argentine group [[Inversiones y Representaciones Sociedad Anónima]] (IRSA) and the [[Marciano Investment Group]] acquired majority ownership of the building in a deal that valued the building at $395 million.<ref name="wsj-2011-01-24" /> SL Green consolidated its ownership of the underlying land, which was valued at $352 million.<ref name="REBusinessOnline 2016" /> Despite the Madoff controversy, the building was still more than 90 percent occupied after IRSA and Marciano's acquisition.<ref name="wsj-2011-01-24" /><ref name="p1014422105">{{cite magazine |last=Garmhausen |first=Steve |date=May 14, 2012 |title=Big Vacancies Make Third Ave. Midtown's Top Low-Cost Option |magazine=Crain's New York Business |volume=28 |issue=20 |page=15 |id={{ProQuest|1014422105}}}}</ref> Some vacant office space was used for an art show in 2011,<ref name="Quinlan 2011" /> and the lobby hosted an exhibition on Philip Johnson's work the next year.<ref name="New York Daily News 2012">{{cite web |last=Sheftell |first=Jason |date=August 17, 2012 |title=The Closer: Flips and Splits of New York's Real Estate Community |url=https://www.nydailynews.com/life-style/real-estate/closer-flips-splits-new-york-real-estate-community-article-1.1138520 |access-date=July 14, 2022 |website=New York Daily News |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133750/https://www.nydailynews.com/life-style/real-estate/closer-flips-splits-new-york-real-estate-community-article-1.1138520 |url-status=live }}</ref><ref name="Rosen 2012">{{cite web |last=Rosen |first=Daniel Edward |date=July 24, 2012 |title=Philip Johnson Gets Exhibition at The Lipstick Building |url=https://commercialobserver.com/2012/07/philip-johnson-gets-exhibition-at-the-lipstick-building/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=April 11, 2021 |archive-url=https://web.archive.org/web/20210411235016/https://commercialobserver.com/2012/07/philip-johnson-gets-exhibition-at-the-lipstick-building/ |url-status=live }}</ref> A cafe opened within the building's lobby in 2010;<ref>{{Cite news |last=Fabricant |first=Florence |date=September 8, 2010 |title=What's Opening This Season |language=en-US |work=The New York Times |url=https://www.nytimes.com/2010/09/08/dining/08preview.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133844/https://www.nytimes.com/2010/09/08/dining/08preview.html |url-status=live }}</ref> it was replaced in 2014 by the Crimson & Rye restaurant, operated by chef [[Charlie Palmer (chef)|Charlie Palmer]].<ref>{{Cite news |last=Fabricant |first=Florence |date=July 22, 2014 |title=Champagne Charlie's Opens at the High Line Hotel |language=en-US |work=The New York Times |url=https://www.nytimes.com/2014/07/23/dining/champagne-charlies-opens-at-the-high-line-hotel.html |access-date=July 14, 2022 |issn=0362-4331 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133750/https://www.nytimes.com/2014/07/23/dining/champagne-charlies-opens-at-the-high-line-hotel.html |url-status=live }}</ref> To attract tenants, IRSA and Marciano hired architectural firm [[Gensler]] to redesign some of the office space.<ref name="p1014422105" /> The owners then leased out the space as prebuilt offices, each with a few thousand square feet.<ref name="p1014422105" /><ref name=p1614252965>{{cite news |id={{ProQuest|1614252965}} |first=Keiko |last=Morris |title=Property: Demand Grows for Third Avenue Offices |date=October 21, 2014 |page=A20 |work=The Wall Street Journal|issn=0099-9660}}</ref>


Herald Square Properties, the building's managing agent,<ref name="Getlen 2017">{{cite web |last=Getlen |first=Larry |date=January 25, 2017 |title=Herald Square's Gerard Nocera On Chelsea and the Lipstick Building |url=https://commercialobserver.com/2017/01/herald-squares-gerard-nocera-on-chelsea-music-studios-and-the-lipstick-building/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=January 23, 2021 |archive-url=https://web.archive.org/web/20210123144846/https://commercialobserver.com/2017/01/herald-squares-gerard-nocera-on-chelsea-music-studios-and-the-lipstick-building/ |url-status=live }}</ref> reported in 2014 that there was demand for full stories within the building.<ref name="p1614252965" /> By the next year, the building was 97 percent leased, including all of Madoff's old space.<ref name="Schram 20152">{{cite web |last=Schram |first=Lauren Elkies |date=March 25, 2015 |title=Private Equity Advisory Takes Final Madoff Floor in Lipstick Building |url=https://commercialobserver.com/2015/03/private-equity-advisory-takes-final-madoff-floor-in-lipstick-building/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=April 12, 2021 |archive-url=https://web.archive.org/web/20210412005644/https://commercialobserver.com/2015/03/private-equity-advisory-takes-final-madoff-floor-in-lipstick-building/ |url-status=live }}</ref> SL Green sold a controlling stake in the ground lease to Ceruzzi Properties and [[Shanghai Municipal Investment Group|SMI USA]] for $453 million in October 2015.<ref name="Schram 2015">{{cite web |last=Schram |first=Lauren Elkies |date=October 20, 2015 |title=Ceruzzi, SMI USA Revealed as Buyers of Lipstick Building Ground Lease |url=https://commercialobserver.com/2015/10/ceruzzi-smi-usa-revealed-as-buyers-of-453m-lipstick-building-ground-lease/ |access-date=July 13, 2022 |website=Commercial Observer |archive-date=December 14, 2021 |archive-url=https://web.archive.org/web/20211214101519/https://commercialobserver.com/2015/10/ceruzzi-smi-usa-revealed-as-buyers-of-453m-lipstick-building-ground-lease/ |url-status=live }}</ref><ref name="Spiewak 2015">{{cite web |last=Spiewak |first=Anna |date=October 22, 2015 |title=SL Green's Selling Spree Continues |url=https://www.commercialsearch.com/news/sl-green-selling-spree-continues/ |access-date=July 13, 2022 |website=Commercial Property Executive |archive-date=June 25, 2021 |archive-url=https://web.archive.org/web/20210625130902/https://www.commercialsearch.com/news/sl-green-selling-spree-continues/ |url-status=live }}</ref> The sale, which helped fund SL Green's purchase of [[Metropolitan Life North Building|11 Madison Avenue]],<ref>{{Cite news|last=Morris|first=Keiko|date=2015-07-14|title=SL Green Is Selling Assets to Fund Flatiron Deal|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/sl-green-is-selling-assets-to-fund-flatiron-deal-1436839475|access-date=2022-07-13|issn=0099-9660|archive-date=February 3, 2018|archive-url=https://web.archive.org/web/20180203034224/https://www.wsj.com/articles/sl-green-is-selling-assets-to-fund-flatiron-deal-1436839475|url-status=live}}</ref> was finalized the next February.<ref name="REBusinessOnline 2016" /><ref name="Feery 2016" /> Ceruzzi, SMI USA, and SL Green owned 78.9 percent of the site, sharing the remainder with another owner.<ref name="trd-2020-06-08">{{Cite web |date=2020-06-08 |title=Lipstick Building Ground Lease CMBS Loan in Special Servicing |url=https://therealdeal.com/2020/06/08/ceruzzis-272m-loan-on-lipstick-building-ground-lease-goes-to-special-servicing/ |access-date=2022-07-13 |website=The Real Deal New York |language=en-US |archive-date=June 12, 2021 |archive-url=https://web.archive.org/web/20210612175510/https://therealdeal.com/2020/06/08/ceruzzis-272m-loan-on-lipstick-building-ground-lease-goes-to-special-servicing/ |url-status=live }}</ref> Ceruzzi leased the land back to IRSA and obtained a $272 million, four-year loan from [[Credit Suisse]] in 2017.<ref name="Real Estate Weekly 2017">{{cite web |date=April 12, 2017 |title=Ceruzzi scores $272M loan for Lipstick Building ground lease purchase |url=https://rew-online.com/ceruzzi-lipstick-building-credit-suisse/ |access-date=July 13, 2022 |website=Real Estate Weekly |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133753/https://rew-online.com/ceruzzi-lipstick-building-credit-suisse/ |url-status=live }}</ref><ref name="trd-2017-04-10">{{Cite web |date=2017-04-10 |title=Ceruzzi refinances land under Lipstick Building |url=https://therealdeal.com/2017/04/10/ceruzzi-refinances-land-under-lipstick-building/ |access-date=2022-07-13 |website=The Real Deal New York |language=en-US |archive-date=June 20, 2021 |archive-url=https://web.archive.org/web/20210620214948/https://therealdeal.com/2017/04/10/ceruzzi-refinances-land-under-lipstick-building/ |url-status=live }}</ref> The building continued to attract tenants such as hedge fund [[Alden Global Capital]] and law firm [[Noerr]].<ref name="trd-2019-03-13" /> Latham and Watkins announced in 2018 that it would relocate to [[1271 Avenue of the Americas]],<ref>{{Cite news |last=Bockmann |first=Rich |date=2018-03-30 |title=Latham & Watkins nears deal for huge new office on Sixth Avenue: sources |language=en-US |work=The Real Deal New York |url=https://therealdeal.com/2018/03/30/latham-watkins-nears-deal-for-huge-new-office-on-sixth-avenue-sources/ |access-date=2022-07-13 |archive-date=January 2, 2022 |archive-url=https://web.archive.org/web/20220102044414/https://therealdeal.com/2018/03/30/latham-watkins-nears-deal-for-huge-new-office-on-sixth-avenue-sources/ |url-status=live }}</ref> vacating a majority of 885 Third Avenue's office space.<ref name="trd-2019-09-10">{{Cite web |date=2019-09-10 |title=Ceruzzi Properties Puts Lipstick Building Land Up for Sale |url=https://therealdeal.com/2019/09/10/ceruzzi-properties-looks-to-sell-ground-under-the-lipstick-building/ |access-date=2022-07-13 |website=The Real Deal New York |language=en-US |archive-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205132605/https://therealdeal.com/2019/09/10/ceruzzi-properties-looks-to-sell-ground-under-the-lipstick-building/ |url-status=live }}</ref><ref>{{Cite news |last=Morris |first=Keiko |date=2018-04-29 |title=Latham & Watkins Moving Their New York Offices |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/latham-watkins-moving-their-new-york-offices-1525029041 |access-date=2022-07-14 |issn=0099-9660 |archive-date=July 17, 2021 |archive-url=https://web.archive.org/web/20210717221817/https://www.wsj.com/articles/latham-watkins-moving-their-new-york-offices-1525029041 |url-status=live }}</ref> Amid a weakening Argentine economy, IRSA and Marciano opted not to exercise their option to buy the land under 885 Third Avenue in 2019. Instead, Ceruzzi placed the land for sale the same year.<ref name="trd-2019-09-10" />
Herald Square Properties, the building's managing agent,<ref name="Getlen 2017">{{cite web |last=Getlen |first=Larry |date=January 25, 2017 |title=Herald Square's Gerard Nocera On Chelsea and the Lipstick Building |url=https://commercialobserver.com/2017/01/herald-squares-gerard-nocera-on-chelsea-music-studios-and-the-lipstick-building/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=January 23, 2021 |archive-url=https://web.archive.org/web/20210123144846/https://commercialobserver.com/2017/01/herald-squares-gerard-nocera-on-chelsea-music-studios-and-the-lipstick-building/ |url-status=live }}</ref> reported in 2014 that there was demand for full stories within the building.<ref name="p1614252965" /> By the next year, the building was 97 percent leased, including all of Madoff's old space.<ref name="Schram 20152">{{cite web |last=Schram |first=Lauren Elkies |date=March 25, 2015 |title=Private Equity Advisory Takes Final Madoff Floor in Lipstick Building |url=https://commercialobserver.com/2015/03/private-equity-advisory-takes-final-madoff-floor-in-lipstick-building/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=April 12, 2021 |archive-url=https://web.archive.org/web/20210412005644/https://commercialobserver.com/2015/03/private-equity-advisory-takes-final-madoff-floor-in-lipstick-building/ |url-status=live }}</ref> SL Green sold a controlling stake in the ground lease to Ceruzzi Properties and [[Shanghai Municipal Investment Group|SMI USA]] for $453 million in October 2015.<ref name="Schram 2015">{{cite web |last=Schram |first=Lauren Elkies |date=October 20, 2015 |title=Ceruzzi, SMI USA Revealed as Buyers of Lipstick Building Ground Lease |url=https://commercialobserver.com/2015/10/ceruzzi-smi-usa-revealed-as-buyers-of-453m-lipstick-building-ground-lease/ |access-date=July 13, 2022 |website=Commercial Observer |archive-date=December 14, 2021 |archive-url=https://web.archive.org/web/20211214101519/https://commercialobserver.com/2015/10/ceruzzi-smi-usa-revealed-as-buyers-of-453m-lipstick-building-ground-lease/ |url-status=live }}</ref><ref name="Spiewak 2015">{{cite web |last=Spiewak |first=Anna |date=October 22, 2015 |title=SL Green's Selling Spree Continues |url=https://www.commercialsearch.com/news/sl-green-selling-spree-continues/ |access-date=July 13, 2022 |website=Commercial Property Executive |archive-date=June 25, 2021 |archive-url=https://web.archive.org/web/20210625130902/https://www.commercialsearch.com/news/sl-green-selling-spree-continues/ |url-status=live }}</ref> The sale, which helped fund SL Green's purchase of [[Metropolitan Life North Building|11 Madison Avenue]],<ref>{{Cite news|last=Morris|first=Keiko|date=July 14, 2015|title=SL Green Is Selling Assets to Fund Flatiron Deal|language=en-US|work=The Wall Street Journal|url=https://www.wsj.com/articles/sl-green-is-selling-assets-to-fund-flatiron-deal-1436839475|access-date=July 13, 2022|issn=0099-9660|archive-date=February 3, 2018|archive-url=https://web.archive.org/web/20180203034224/https://www.wsj.com/articles/sl-green-is-selling-assets-to-fund-flatiron-deal-1436839475|url-status=live}}</ref> was finalized the next February.<ref name="REBusinessOnline 2016" /><ref name="Feery 2016" /> Ceruzzi, SMI USA, and SL Green owned 78.9 percent of the site, sharing the remainder with another owner.<ref name="trd-2020-06-08">{{Cite web |last=Sun |first=Kevin |date=June 8, 2020 |title=Lipstick Building Ground Lease CMBS Loan in Special Servicing |url=https://therealdeal.com/2020/06/08/ceruzzis-272m-loan-on-lipstick-building-ground-lease-goes-to-special-servicing/ |access-date=July 13, 2022 |website=The Real Deal New York |language=en-US |archive-date=June 12, 2021 |archive-url=https://web.archive.org/web/20210612175510/https://therealdeal.com/2020/06/08/ceruzzis-272m-loan-on-lipstick-building-ground-lease-goes-to-special-servicing/ |url-status=live }}</ref> Ceruzzi leased the land back to IRSA and obtained a $272 million, four-year loan from [[Credit Suisse]] in 2017.<ref name="Real Estate Weekly 2017">{{cite web |date=April 12, 2017 |title=Ceruzzi Scores $272M Loan for Lipstick Building Ground Lease Purchase |url=https://rew-online.com/ceruzzi-lipstick-building-credit-suisse/ |access-date=July 13, 2022 |website=Real Estate Weekly |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133753/https://rew-online.com/ceruzzi-lipstick-building-credit-suisse/ |url-status=live }}</ref><ref name="trd-2017-04-10">{{Cite web |date=April 10, 2017 |title=Ceruzzi Refinances Land Under Lipstick Building |url=https://therealdeal.com/2017/04/10/ceruzzi-refinances-land-under-lipstick-building/ |access-date=July 13, 2022 |website=The Real Deal New York |language=en-US |archive-date=June 20, 2021 |archive-url=https://web.archive.org/web/20210620214948/https://therealdeal.com/2017/04/10/ceruzzi-refinances-land-under-lipstick-building/ |url-status=live }}</ref> The building continued to attract tenants such as hedge fund [[Alden Global Capital]] and law firm [[Noerr]].<ref name="trd-2019-03-13" /> Latham and Watkins announced in 2018 that it would relocate to [[1271 Avenue of the Americas]],<ref>{{Cite news |last=Bockmann |first=Rich |date=March 30, 2018 |title=Latham & Watkins Nears Deal for Huge New Office on Sixth Avenue: Sources |language=en-US |work=The Real Deal New York |url=https://therealdeal.com/2018/03/30/latham-watkins-nears-deal-for-huge-new-office-on-sixth-avenue-sources/ |access-date=July 13, 2022 |archive-date=January 2, 2022 |archive-url=https://web.archive.org/web/20220102044414/https://therealdeal.com/2018/03/30/latham-watkins-nears-deal-for-huge-new-office-on-sixth-avenue-sources/ |url-status=live }}</ref> vacating a majority of 885 Third Avenue's office space.<ref name="trd-2019-09-10">{{Cite web |last=Bockmann |first=Rich |date=September 10, 2019 |title=Ceruzzi Properties Puts Lipstick Building Land Up for Sale |url=https://therealdeal.com/2019/09/10/ceruzzi-properties-looks-to-sell-ground-under-the-lipstick-building/ |access-date=July 13, 2022 |website=The Real Deal New York |language=en-US |archive-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205132605/https://therealdeal.com/2019/09/10/ceruzzi-properties-looks-to-sell-ground-under-the-lipstick-building/ |url-status=live }}</ref><ref>{{Cite news |last=Morris |first=Keiko |date=April 29, 2018 |title=Latham & Watkins Moving Their New York Offices |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/latham-watkins-moving-their-new-york-offices-1525029041 |access-date=July 14, 2022 |issn=0099-9660 |archive-date=July 17, 2021 |archive-url=https://web.archive.org/web/20210717221817/https://www.wsj.com/articles/latham-watkins-moving-their-new-york-offices-1525029041 |url-status=live }}</ref> Amid a weakening Argentine economy, IRSA and Marciano opted not to exercise their option to buy the land under 885 Third Avenue in 2019. Instead, Ceruzzi placed the land for sale the same year.<ref name="trd-2019-09-10" />


Due to the global [[COVID-19 pandemic]] in 2020, IRSA failed to make payments on the ground-lease loan, which was sent to a [[Loan servicing|special servicer]] in June 2020.<ref name="Burke 2020">{{cite web |last=Burke |first=Mack |date=June 8, 2020 |title=Loan on Ceruzzi's Lipstick Building Ground Lease in Special Servicing |url=https://commercialobserver.com/2020/06/loan-on-ceruzzis-lipstick-building-ground-lease-hits-special-servicing/ |access-date=July 13, 2022 |website=Commercial Observer |archive-date=April 18, 2021 |archive-url=https://web.archive.org/web/20210418183959/https://commercialobserver.com/2020/06/loan-on-ceruzzis-lipstick-building-ground-lease-hits-special-servicing/ |url-status=live }}</ref><ref name="trd-2020-06-08" /> Further disputes arose when 3 Company LLC, which owned 21 percent of the site, attempted to raise the annual ground rent for its portion of the site fivefold, based on an appraisal conducted before the onset of the pandemic. SL Green filed a lawsuit claiming that the parcel had not been properly appraised.<ref name="trd-2020-07-09">{{Cite web |date=2020-07-09 |title=Lipstick Building Ground Rent Reset Leads to Appraisal Dispute - The Real Deal |url=https://therealdeal.com/2020/07/09/lipstick-building-ground-rent-reset-leads-to-appraisal-dispute/ |access-date=2022-07-13 |website=The Real Deal New York |language=en-US |archive-date=May 6, 2021 |archive-url=https://web.archive.org/web/20210506040203/https://therealdeal.com/2020/07/09/lipstick-building-ground-rent-reset-leads-to-appraisal-dispute/ |url-status=live }}</ref><ref name="Crain's New York Business 2021" /> Ceruzzi narrowly avoided defaulting on the loan,<ref name="Crain's New York Business 2021">{{cite web |date=February 8, 2021 |title=Ceruzzi fights to hold on to the Lipstick Building property |url=https://www.crainsnewyork.com/commercial-real-estate/ceruzzi-fights-hold-lipstick-building-property |access-date=July 13, 2022 |website=Crain's New York Business |archive-date=February 16, 2021 |archive-url=https://web.archive.org/web/20210216182505/https://www.crainsnewyork.com/commercial-real-estate/ceruzzi-fights-hold-lipstick-building-property |url-status=live }}</ref> which SL Green acquired in March 2021.<ref>{{Cite web |date=2021-03-05 |title=SL Green buys $272M loan at Lipstick Building |url=https://www.pincusco.com/sl-green-buys-272m-loan-at-885-thirds-lipstick-building/ |access-date=2022-07-13 |website=PincusCo |language=en-US |archive-date=April 17, 2021 |archive-url=https://web.archive.org/web/20210417085103/https://www.pincusco.com/sl-green-buys-272m-loan-at-885-thirds-lipstick-building/ |url-status=live }}</ref> Later that year, SL Green announced on [[Twitter]] that it would renovate the lobby;<ref>{{Cite tweet|number=1440752799327744000|user=slgreen|title=The iconic “Lipstick Building” at 885 Third Avenue will debut a new look with an upgraded lobby and quintessential city views from the massive 10th-floor rooftop terrace.|date=September 22, 2021|access-date=July 14, 2022}}</ref> the firm had begun leasing out space in the building by early 2022.<ref name="Real Estate Weekly 2022">{{cite web |date=March 7, 2022 |title=SL Green Signs Leases Totaling Over 452,000 Square Feet During the First Two Months of 2022 |url=https://rew-online.com/sl-green-signs-leases-totaling-over-452000-square-feet-during-the-first-two-months-of-2022/ |access-date=July 14, 2022 |website=Real Estate Weekly |archive-date=March 7, 2022 |archive-url=https://web.archive.org/web/20220307235814/https://rew-online.com/sl-green-signs-leases-totaling-over-452000-square-feet-during-the-first-two-months-of-2022/ |url-status=live }}</ref><ref name="Baird-Remba 2022">{{cite web |last=Baird-Remba |first=Rebecca |date=March 8, 2022 |title=Lipstick Building Gets Two New Tenants |url=https://commercialobserver.com/2022/03/lipstick-building-gets-two-new-tenants/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=March 16, 2022 |archive-url=https://web.archive.org/web/20220316014929/https://commercialobserver.com/2022/03/lipstick-building-gets-two-new-tenants/ |url-status=live }}</ref>
Due to the global [[COVID-19 pandemic]] in 2020, IRSA failed to make payments on the ground-lease loan, which was sent to a [[Loan servicing|special servicer]] in June 2020.<ref name="Burke 2020">{{cite web |last=Burke |first=Mack |date=June 8, 2020 |title=Loan on Ceruzzi's Lipstick Building Ground Lease in Special Servicing |url=https://commercialobserver.com/2020/06/loan-on-ceruzzis-lipstick-building-ground-lease-hits-special-servicing/ |access-date=July 13, 2022 |website=Commercial Observer |archive-date=April 18, 2021 |archive-url=https://web.archive.org/web/20210418183959/https://commercialobserver.com/2020/06/loan-on-ceruzzis-lipstick-building-ground-lease-hits-special-servicing/ |url-status=live }}</ref><ref name="trd-2020-06-08" /> Further disputes arose when 3 Company LLC, which owned 21 percent of the site, attempted to raise the annual ground rent for its portion of the site fivefold, based on an appraisal conducted before the onset of the pandemic. SL Green filed a lawsuit claiming that the parcel had not been properly appraised.<ref name="trd-2020-07-09">{{Cite web |last=Sun |first=Kevin |date=July 9, 2020 |title=Lipstick Building Ground Rent Reset Leads to Appraisal Dispute |url=https://therealdeal.com/2020/07/09/lipstick-building-ground-rent-reset-leads-to-appraisal-dispute/ |access-date=July 13, 2022 |website=The Real Deal New York |language=en-US |archive-date=May 6, 2021 |archive-url=https://web.archive.org/web/20210506040203/https://therealdeal.com/2020/07/09/lipstick-building-ground-rent-reset-leads-to-appraisal-dispute/ |url-status=live }}</ref><ref name="Crain's New York Business 2021" /> Ceruzzi narrowly avoided defaulting on the loan,<ref name="Crain's New York Business 2021">{{cite web |last=Sachmechi |first=Natalie |date=February 8, 2021 |title=Ceruzzi Fights to Hold on to the Lipstick Building Property |url=https://www.crainsnewyork.com/commercial-real-estate/ceruzzi-fights-hold-lipstick-building-property |access-date=July 13, 2022 |website=Crain's New York Business |archive-date=February 16, 2021 |archive-url=https://web.archive.org/web/20210216182505/https://www.crainsnewyork.com/commercial-real-estate/ceruzzi-fights-hold-lipstick-building-property |url-status=live }}</ref> which SL Green acquired in March 2021.<ref>{{Cite web |date=March 5, 2021 |title=SL Green Buys $272M Loan at Lipstick Building |url=https://www.pincusco.com/sl-green-buys-272m-loan-at-885-thirds-lipstick-building/ |access-date=July 13, 2022 |website=PincusCo |language=en-US |archive-date=April 17, 2021 |archive-url=https://web.archive.org/web/20210417085103/https://www.pincusco.com/sl-green-buys-272m-loan-at-885-thirds-lipstick-building/ |url-status=live }}</ref> Later that year, SL Green announced on [[Twitter]] that it would renovate the lobby;<ref>{{Cite tweet|number=1440752799327744000|user=slgreen|title=The Iconic "Lipstick Building" at 885 Third Avenue Will Debut a New Look with an Upgraded Lobby and Quintessential City Views from the Massive 10th-Floor Rooftop Terrace.|date=September 22, 2021|access-date=July 14, 2022}}</ref> the firm had begun leasing out space in the building by early 2022.<ref name="Real Estate Weekly 2022">{{cite web |date=March 7, 2022 |title=SL Green Signs Leases Totaling Over 452,000 Square Feet During the First Two Months of 2022 |url=https://rew-online.com/sl-green-signs-leases-totaling-over-452000-square-feet-during-the-first-two-months-of-2022/ |access-date=July 14, 2022 |website=Real Estate Weekly |archive-date=March 7, 2022 |archive-url=https://web.archive.org/web/20220307235814/https://rew-online.com/sl-green-signs-leases-totaling-over-452000-square-feet-during-the-first-two-months-of-2022/ |url-status=live }}</ref><ref name="Baird-Remba 2022">{{cite web |last=Baird-Remba |first=Rebecca |date=March 8, 2022 |title=Lipstick Building Gets Two New Tenants |url=https://commercialobserver.com/2022/03/lipstick-building-gets-two-new-tenants/ |access-date=July 14, 2022 |website=Commercial Observer |archive-date=March 16, 2022 |archive-url=https://web.archive.org/web/20220316014929/https://commercialobserver.com/2022/03/lipstick-building-gets-two-new-tenants/ |url-status=live }}</ref> In September 2022, [[Memorial Sloan Kettering Cancer Center]] paid SL Green $300 million for {{convert|415000|to|435000|ft2}}, about two-thirds of the building's space.<ref name="Kalinoski 2022">{{cite web | last=Kalinoski | first=Gail | title=SL Green Sells Manhattan Office Condo for $300M | website=Commercial Property Executive | date=September 14, 2022 | url=https://www.commercialsearch.com/news/sl-green-sells-manhattan-office-condo-for-300m/ | access-date=March 5, 2023}}</ref><ref name="Rebong 2022">{{cite web | last=Rebong | first=Kevin | title=Sloan Kettering Takes Over 434K Square Feet at Lipstick Building | website=The Real Deal | date=September 6, 2022 | url=https://therealdeal.com/new-york/2022/09/06/memorial-sloan-kettering-leases-430k-sf-at-lipstick-building/ | access-date=March 5, 2023}}</ref>
== Reception ==
''[[Newsday]]'' cited 885 Third Avenue as an example of Johnson's "tangential approach", referencing an interview for [[PBS]]'s ''[[American Masters]]'' television series in 1986, in which Johnson described his approach to architecture: "Sometimes you have to be tangent to the world or you'll go crazy."<ref name="n105495135">{{Cite news |last=Seligsohn |first=Leo |date=June 30, 1986 |title=Feisty Architect: Controversial And Pleased About It |pages=119 |work=Newsday |via=newspapers.com |url=https://www.newspapers.com/clip/105495135/feisty-architect-controversial-and/ |access-date=July 13, 2022 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133751/https://www.newspapers.com/clip/105495135/feisty-architect-controversial-and/ |url-status=live }}</ref> [[Vincent Scully]] wrote for ''[[The New York Times Magazine]]'' that the building was "whirly Houston type", either honoring the Southwest or referencing Third Avenue's reputation as a "frontier street".<ref name="nyt-1985-09-08">{{Cite news |last=Scully |first=Vincent |date=September 8, 1985 |title=Buildings Without Souls |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/09/08/magazine/buildings-without-souls.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=April 14, 2021 |archive-url=https://web.archive.org/web/20210414214547/https://www.nytimes.com/1985/09/08/magazine/buildings-without-souls.html |url-status=live }}</ref> ''The New York Times'' compared the lobby of the nearby [[666 Fifth Avenue]], redesigned in the late 1990s, to the design of 885 Third Avenue.<ref>{{Cite news |last=Isola |first=Marina |date=April 5, 1998 |title=Neighborhood Report: Midtown; Architecture Vs. Commerce: 666 Transit Gloria Mundi |language=en-US |work=The New York Times |url=https://www.nytimes.com/1998/04/05/nyregion/neighborhood-report-midtown-architecture-vs-commerce-666-transit-gloria-mundi.html |access-date=July 13, 2022 |issn=0362-4331 |archive-date=July 11, 2021 |archive-url=https://web.archive.org/web/20210711103514/https://www.nytimes.com/1998/04/05/nyregion/neighborhood-report-midtown-architecture-vs-commerce-666-transit-gloria-mundi.html |url-status=live }}</ref> The ''[[New York Daily News]]'' wrote in 2012 that the building "isn't just an intriguing structure; it's a perfect example of modernist architecture".<ref name="New York Daily News 2012" /> ''[[Curbed]]'' wrote in 2023 that the structure "has long served as a counterpoint to the blandness of the rest of Third Avenue".<ref name="Velsey 2023 t197">{{cite web |last=Velsey |first=Kim |date=July 17, 2023 |title=Three Bleak Blocks of Third Avenue |url=https://www.curbed.com/article/third-avenue-midtown-east-office-apocalypse-nyc.html |access-date=December 1, 2023 |website=Curbed}}</ref>


Carter Wiseman described the building as "campy absurd" in an ''[[American Heritage (magazine)|American Heritage]]'' article in which he criticized Johnson as the "most overrated architect".<ref name="p202745019">{{Cite magazine |last1=McCall |first1=Bruce |last2=Wiseman |first2=Carter |last3=Jeanes |first3=William |last4=Lemann |first4=Nicholas |date=May–June 1998 |title=Overrated & Underrated |volume=49 |issue=3 |pages=44–68 |id={{proQuest|202745019}} |magazine=American Heritage}}</ref> Michael Sorkin criticized the design, saying: "At the level of shape, the building is just fine, a good shape and distinct. But the project loses it in the details."<ref name="AR 1986-09">{{cite magazine |last=Sorkin |first=Michael |date=Sep 1986 |title=Observations Continued |url=https://usmodernist.org/AR/AR-1986-09.pdf |magazine=Architectural Record |volume=171 |pages=83 |access-date=July 14, 2022 |archive-date=July 17, 2020 |archive-url=https://web.archive.org/web/20200717003748/https://usmodernist.org/AR/AR-1986-09.pdf |url-status=live }}</ref> Eric Nash wrote in 2005 that "discontinuity is emphasized at every level", from the columns at the base to the interior layout of the building.<ref name="Nash 2005" />
== Impact ==
''Newsday'' cited 885 Third Avenue as an example of Johnson's "tangential approach", referencing an interview for [[PBS]]'s ''[[American Masters]]'' television series in 1986, in which Johnson described his approach to architecture: "Sometimes you have to be tangent to the world or you'll go crazy."<ref name="n105495135">{{Cite news |last=Seligsohn |first=Leo |date=1986-06-30 |title=Feisty Architect: Controversial And Pleased About It |pages=119 |work=Newsday |url=https://www.newspapers.com/clip/105495135/feisty-architect-controversial-and/ |access-date=2022-07-13 |archive-date=July 14, 2022 |archive-url=https://web.archive.org/web/20220714133751/https://www.newspapers.com/clip/105495135/feisty-architect-controversial-and/ |url-status=live }}</ref> [[Vincent Scully]] wrote for ''[[The New York Times Magazine]]'' that the building was "whirly Houston type", either honoring the Southwest or referencing Third Avenue's reputation as a "frontier street".<ref name="nyt-1985-09-08">{{Cite news |last=Scully |first=Vincent |date=1985-09-08 |title=Buildings Without Souls |language=en-US |work=The New York Times |url=https://www.nytimes.com/1985/09/08/magazine/buildings-without-souls.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=April 14, 2021 |archive-url=https://web.archive.org/web/20210414214547/https://www.nytimes.com/1985/09/08/magazine/buildings-without-souls.html |url-status=live }}</ref> ''The New York Times'' compared the lobby of the nearby [[666 Fifth Avenue]], redesigned in the late 1990s, to the design of 885 Third Avenue.<ref>{{Cite news |last=Isola |first=Marina |date=1998-04-05 |title=Neighborhood Report: Midtown; Architecture vs. Commerce: 666 Transit Gloria Mundi |language=en-US |work=The New York Times |url=https://www.nytimes.com/1998/04/05/nyregion/neighborhood-report-midtown-architecture-vs-commerce-666-transit-gloria-mundi.html |access-date=2022-07-13 |issn=0362-4331 |archive-date=July 11, 2021 |archive-url=https://web.archive.org/web/20210711103514/https://www.nytimes.com/1998/04/05/nyregion/neighborhood-report-midtown-architecture-vs-commerce-666-transit-gloria-mundi.html |url-status=live }}</ref> The ''New York Daily News'' wrote in 2012 that the building "isn't just an intriguing structure; it's a perfect example of modernist architecture".<ref name="New York Daily News 2012" />

Conversely, Carter Wiseman described the building as "campy absurd" in an ''[[American Heritage (magazine)|American Heritage]]'' article in which he criticized Johnson as the "most overrated architect".<ref name="p202745019">{{Cite magazine |last1=McCall |first1=Bruce |last2=Wiseman |first2=Carter |last3=Jeanes |first3=William |last4=Lemann |first4=Nicholas |date=May-June 1998 |title=Overrated & underrated |volume=49 |issue=3 |pages=44–68 |id={{proQuest|202745019}} |magazine=American Heritage}}</ref> Michael Sorkin criticized the design, saying: "At the level of shape, the building is just fine, a good shape and distinct. But the project loses it in the details."<ref name="AR 1986-09">{{cite magazine |last=Sorkin |first=Michael |date=Sep 1986 |title=Observations continued |url=https://usmodernist.org/AR/AR-1986-09.pdf |magazine=Architectural Record |volume=171 |pages=83 |access-date=July 14, 2022 |archive-date=July 17, 2020 |archive-url=https://web.archive.org/web/20200717003748/https://usmodernist.org/AR/AR-1986-09.pdf |url-status=live }}</ref> Eric Nash wrote in 2005 that "discontinuity is emphasized at every level", from the columns at the base to the interior layout of the building.<ref name="Nash 2005" />


==References==
==References==
Line 104: Line 105:


===Sources===
===Sources===
*{{Cite New York 2000}}
* {{Cite New York 2000}}
*{{cite book |last=Stichweh |first=Dirk |title=New York Skyscrapers |publisher=[[Prestel Publishing]] |year=2016 |isbn=978-3-7913-8226-5 |oclc=923852487}}
* {{cite book |last=Stichweh |first=Dirk |title=New York Skyscrapers |publisher=[[Prestel Publishing]] |year=2016 |isbn=978-3-7913-8226-5 |oclc=923852487}}
*{{cite book |last=Terranova |first=Antonino |title=Skyscrapers |year=2003 |publisher=White Star Publishers |isbn=88-8095-230-7 |url-access=registration |url=https://archive.org/details/skyscrapers0000terr}}
* {{cite book |last=Terranova |first=Antonino |title=Skyscrapers |year=2003 |publisher=White Star Publishers |isbn=88-8095-230-7 |url-access=registration |url=https://archive.org/details/skyscrapers0000terr}}


==External links==
==External links==
{{commons category|Lipstick Building}}
{{commons category|Lipstick Building}}
* {{Oweb|https://slgreen.com/properties/885-third-avenue/}}
* {{Oweb|https://slgreen.com/properties/885-third-avenue/}}
* {{Cite web |url=https://www.emporis.com/buildings/114943 |archive-url=https://web.archive.org/web/20200202181641/https://www.emporis.com/buildings/114943 |url-status=usurped |archive-date=February 2, 2020 |title=Emporis building ID 114943 |work=[[Emporis]]}}
* {{Emporis|114943}}
* {{Structurae|id=20000252|title=Lipstick Building}}
* {{Structurae|id=20000252|title=Lipstick Building}}


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[[Category:Skyscraper office buildings in Manhattan]]
[[Category:Skyscraper office buildings in Manhattan]]
[[Category:Third Avenue]]
[[Category:Third Avenue]]
[[Category:Lipstick]]

Latest revision as of 16:48, 26 August 2024

Lipstick Building
Map
General information
StatusCompleted
TypeOffice
Location885 Third Avenue, Manhattan, New York, United States
Coordinates40°45′28″N 73°58′08″W / 40.75778°N 73.96889°W / 40.75778; -73.96889
Completed1986
Height
Roof138 m (453 ft)
Technical details
Floor count34
Design and construction
Architect(s)John Burgee and Philip Johnson
Structural engineerThe Office of Irwin Cantor

The Lipstick Building, also known as 885 Third Avenue and 53rd at Third, is a 453-foot-tall (138 m) office building at Third Avenue between 53rd Street and 54th Street in the Midtown Manhattan neighborhood of New York City. It was completed in 1986 and has 34 floors. The building was designed by John Burgee and Philip Johnson for Hines Interests and was developer Gerald D. Hines's first project in New York City. The building's nickname is derived from its shape and color, which resembles a tube of lipstick.

The building has a nearly elliptical massing, with setbacks above the 19th and 27th stories, as well as a two-story granite penthouse. The structure is actually polygonal; both the base and the setback sections have over a hundred sides. The building stands on double-height columns at the base, and the facade is made of red Imperial granite and stainless steel. On the northeast side of the building is a nine-story-tall rectangular annex. The building has 580,000 square feet (54,000 m2) of rentable space, some of which was built in exchange for improvements to the Lexington Avenue/51st Street station. To brace the building against winds from the north, structural engineer Irwin Cantor designed a tube support system and a central core for the building's superstructure.

Hines Interests bought the site from Citigroup in 1981 and hired Burgee and Johnson to design an elliptical office building for the site. Construction started in May 1984 and the building was completed two years later. In the first several years of the building's history, the office space was generally profitable. Hines sold the building in 2004 to Tishman Speyer, which resold a partial stake to Prudential Real Estate Investors. Metropolitan 885 Third Avenue LLC then acquired the building in 2007 under a complex financing agreement in which the underlying land was sold separately to SL Green. After Metropolitan went bankrupt in 2010, Inversiones y Representaciones Sociedad Anónima and Marciano Investment Group assumed ownership. Ceruzzi Properties and SMI USA acquired the land in 2015, and SL Green took over the building in 2021.

Site

[edit]

The Lipstick Building is at 885 Third Avenue in the Midtown Manhattan neighborhood of New York City.[1][2] It takes up the western part of a city block bounded by Third Avenue to the west, 54th Street to the north, Second Avenue to the east, and 53rd Street to the south. The L-shaped land lot covers 26,108 sq ft (2,425.5 m2) with a frontage of 200 ft (61 m) on Third Avenue and a depth of 160 ft (49 m).[3] Other nearby buildings include 599 Lexington Avenue to the southwest, the Citigroup Center at 601 Lexington Avenue to the west, and 919 Third Avenue two blocks north.[3]

An entrance to the New York City Subway's Lexington Avenue/51st Street station (served by the 6, <6>​​, E, and ​M trains) is next to the building.[4] The entrance cost the building's developer $7 million[5] and was built to increase the amount of space in the building. Under normal zoning regulations, the maximum floor area ratio (FAR) for any building on the tower's site was 15.[6] The developers received a bonus of 20 percent for improving the subway entrance, bringing the FAR to 18.[6][7] The entrance consists of a staircase and escalator.[7] There is also a landscaped planter next to the subway entrance, adjacent to the building's curved promenade.[8]

Prior to 885 Third Avenue's construction, the site had contained low-rise buildings. Citicorp, which occupied 601 Lexington Avenue immediately to the west, bought the site in mid-1980 for over $7.2 million.[9] Citicorp had intended to erect a residential building there. Within a year, the bank decided to sell the site due to an increase in real-estate values.[9][10]

Architecture

[edit]

The Lipstick Building at 885 Third Avenue was designed by Philip Johnson and John Burgee[1][2] for developer Gerald D. Hines.[11][12] Structural engineer Irwin Cantor, mechanical engineer Cosentini Associates, landscape architects Zion and Breen Associates, and lighting consultant Claude Engle were also involved in the building's development.[13] It is 34 stories tall and measures 453 feet (138 m) to its roof.[14][1] Though the building was officially known as Fifty-third at Third, its unusual massing and the facade's color led to its popular name, the Lipstick Building.[15] It is one of several buildings in New York City that were nicknamed based on their appearance.[16]

As of 2020, due to a legal technicality, the building and the underlying land have separate owners, and the land itself is divided into two ownership sections. A 50-by-110-foot (15 by 34 m) plot on Third Avenue, covering about 21 percent of the site, is owned by a limited liability corporation and leased to SL Green, the owner of the rest of the site.[17]

Form and facade

[edit]
Detail of the top of the building

885 Third Avenue has a nearly elliptical massing because, at the time of the building's development, the New York City Department of City Planning was considering rezoning Midtown Manhattan.[15][18][a] The massing contrasted with those of older buildings, which were typically designed with rectangular forms.[20][21] The elliptical shape allows pedestrians on 53rd and 54th Street to cut across the corners, and it permits additional light and air into the building.[22][23][24] Burgee said the design created "a memorable landmark along the blandness of Third Avenue",[22] while Johnson said the shape was "appropriate for quirky Third Avenue but not for the more serious Park Avenue".[23] Critics compared the building's massing to a tube of lipstick and to a luxury liner.[1][2]

The building is divided vertically into three sections.[21] To comply with zoning laws, the Lipstick Building contains setbacks above the 19th and 27th stories, above which the elliptical massing continues.[1][15] Although the building appears to be elliptical, the base and both setback sections are actually polygonal, as the outer walls are composed of facets measuring 2 feet 7.5 inches (0.800 m) wide. The lowest section contains 180 sides; the midsection above the 19th story has 164 sides; and the top section above the 27th story has 156 sides. There is also a two-story mechanical space atop the roof, which is clad in granite and shaped like an ellipse.[15] The northeastern part of the site contains a rectangular nine-story annex,[25][26] the base of which contains a restaurant space.[26]

At the base, the building is supported by 28 double-height stainless steel and granite columns, each 28 feet (8.5 m) high.[26] The columns protrude in front of the glass-walled lobby.[13][27] The tops of the columns contain steel bands.[13] Behind the columns is an arcade that wraps around a 300-degree section of the building's perimeter. There are plantings adjacent to the arcade on both 53rd and 54th Streets.[8] The exterior of the building is a continuous wall of red Imperial granite and stainless steel. The ribbon windows are surrounded by gray frames. There are red spandrel panels between floors, which are framed by strips of stainless steel.[1][15][27]

Features

[edit]

The building has 580,000 square feet (54,000 m2) of space.[28][29] The site could accommodate 500,000 square feet of usable floor area without any zoning bonuses, but Hines Interests was allowed to add 71,544 square feet (6,646.7 m2) in exchange for improvements to the adjacent subway entrance.[7] The building's lobby contained floor tiles decorated in a checkerboard pattern, as well as a glass-mosaic ceiling. Part of the lobby was converted into a cafe in 1992.[26] When 885 Third Avenue opened, it had four elevators with marble paneling. Each elevator cab used a different color of marble (green, brown, red, or rose).[30] The elevators are placed on the east (rear) side of the building, allowing the rest of the tower to rise with setbacks.[13][31]

885 Third Avenue's superstructure is made of reinforced concrete.[27] It includes a tube support system and a central core that tapers at the upper levels. Due to the building's unusual shape and its location on the east side of Third Avenue, winds from the north would cause an extremely large amount of eastward pressure. As a result, structural engineer Irwin Cantor decided to add the central core, which absorbs most of the structural loads.[31] The central core contains the elevators and emergency staircases.[27] Also as a result of the building's unconventional shape, the office space and mechanical equipment had to be adjusted to fit the elliptical form of each story.[1][2]

History

[edit]

Development

[edit]
Seen from the south

In January 1981, Gerald Hines bought the site of 885 Third Avenue from Citicorp for $28 million.[9][10] The land had cost over $1,000 per square foot ($11,000/m2), a record price for land in Midtown Manhattan.[10] This price did not include the cost of a leasehold in the middle of the block, which was acquired separately.[9] At the time, Hines had developed 273 projects across the United States, but he had never before developed a structure in New York City. According to Hines, "We would like to do something that we're proud of and that the city would look favorably on."[32] The site could be developed with an office building of up to 460,000 square feet (43,000 m2).[9][33] That April, Burgee and Johnson presented designs for an elliptical building on the site, but construction was not projected to begin for several years, since existing tenants' leases had yet to expire.[33] By August 1981, the details of the project had still not been finalized.[34][35] Kenneth Hubbard, who led Hines's New York City office, said the elliptical massing was the only certainty in the design.[15][35]

In 1983, Hines Interests announced it would start constructing a 25- to 30-story building the following year, with 500,000 square feet (46,000 m2) of space. At the time, a Hines spokesman said to The New York Times: "We have no tenants yet. Do you know any?"[36] Hines Interests paid $1 million to relocate one resident on the site, Paul Brine, who was paying $90.14 a month for an apartment on the site and had refused to relocate.[37] Hines Interests broke ground for the tower in May 1984, even though there still were no tenants; this contrasted with the firm's typical approach, where it signed a major tenant before starting construction. At the time, it was erecting an office building for EF Hutton at 40 West 53rd Street, and Hines Interests saw the two projects "as a similar commitment".[38]

There was still uncertainty over the building's height as the foundation was being built, as Hines Interests and its partner Sterling Equities wanted to increase the building's floor area ratio by 20 percent in exchange for improving the adjacent subway stations. This would allow the developers to add 75,000 square feet (7,000 m2), for a maximum area of 580,000 square feet (54,000 m2).[25] The bonus was ultimately approved.[6] The project architect was Ronnette Riley of Burgee Johnson Architects, who oversaw the building's development.[39][40] To attract tenants, Hines Interests opened a marketing center on the 31st floor of the nearby Seagram Building, where the firm exhibited scale models of 40 West 53rd Street and 885 Third Avenue. The developers predicted that they could charge $45 to $60 per square foot ($480 to $650/m2) for the space.[41] Tenants paid a modified net lease, but Hines Interests refunded any overpayments for taxes, utility costs, and operating costs.[42]

Hines operation

[edit]

The building was completed in 1986.[14] 885 Third Avenue received mixed criticism in its early years and was nicknamed the "Lipstick Building" for its unusual shape, but the office space was profitable.[43][1] About 65 percent of the building's space had been leased to a dozen tenants by mid-1986.[38] Early tenants included a telecommunications center operated by Telecom Plus;[29] First Interstate Bank Limited;[41] ad agency Hill, Holliday, Connors, Cosmopolus;[44] brokerage firm Bernard L. Madoff Investment Securities;[45] and the Nathan Cummings Foundation.[46] John Burgee and Philip Johnson relocated their firm's architectural offices to the tower, which Hines officials considered a "strong endorsement".[47] By the end of the year, three-quarters of the building was occupied. Due to declining demand for office space, Hines Interests no longer expected to lease space to a few large tenants.[48]

An Italian restaurant named Toscana Ristorante opened on the 54th Street side of the building in 1987,[49] while a cafe opened on the 53rd Street side in 1999.[50] By the early 1990s, Johnson said of the building: "When you say you work in the lipstick building, people know exactly where you are."[43] The Lipstick Cafe opened in the lobby in 1992.[26][51] The next year, Toscana Ristorante was replaced with a restaurant called Vong, designed by David Rockwell and Jay Haverson.[26][52] By the early 2000s, the office tenants included law firm Bingham McCutchen,[53] law firm Latham & Watkins,[54] computer company Unisys,[55] and financial firm Morgan Stanley.[56]

2000s

[edit]
Seen from the east, with Citigroup Center behind

In January 2004, Tishman Speyer signed a contract to purchase the building. By then, landlords in New York City were buying up buildings in anticipation of rising rental rates.[57] Later that year, Hines Interests sold the building to Tishman Speyer for $235 million.[58][55] Latham & Watkins signed a 15-year lease for over half the building, or 319,665 square feet (29,697.9 m2), in late 2004 amid growing demand for office space in Midtown Manhattan.[59] TMW Property Funds, a fund managed by Prudential Real Estate Investors, bought a 49 percent interest in the building from Tishman Speyer in mid-2005 for $164 million.[55][60] The sale valued the building at $335 million.[60] Prudential represented a group of German investors in the transaction. By then, the building was 95 percent occupied.[55] Tishman Speyer decided to place 885 Third Avenue for sale in March 2007.[61][62] Prudential had wanted to sell the building, and real estate experts predicted the property could be sold for over $500 million.[62]

A consortium known as Metropolitan 885 Third Avenue LLC[63][64] bought the building in July 2007 for $648.5 million,[65][66] finalizing their purchase the next month.[67] Following the sale, Israeli companies Tao Tsuot and Financial Levers collectively owned a 70 percent stake in the building. The remainder was owned by Metropolitan Real Estate Investments, Marciano Investment Group, and a third investor.[66][68][69] The sale included an option for the owners to acquire the underlying land in 2020 or later.[70] As part of the same deal, SL Green acquired a fee interest for 79 percent of the underlying land, as well as a leasehold for the remaining 21 percent of the site, for $317 million.[71][72] SL Green owned 55 percent of the fee interest and leasehold, while its partner Gramercy Capital Corp. owned the remaining 45 percent.[68] This deal was part of a complicated financing package for the building itself.[72][73] The building's owners also acquired a $210 million first mortgage loan from the Royal Bank of Canada (RBC),[58] as well as a $60 million preferred equity loan from Goldman Sachs.[74] The site acquisition, first mortgage loan, and preferred equity loan amounted to $587 million in financing.[69][73] Wachovia had offered to finance 90 percent of the building's purchase price but ultimately reneged from the deal.[75]

Although the majority of the space was already under long-term lease to Latham & Watkins, the new owners expressed confidence that the remaining space, which was occupied by a variety of small tenants, could be rented out at high rates.[73][76] About 42 percent of the building's space was to become available for lease through 2013.[73] Metropolitan refinanced the building in July 2008 with a bridge loan from Goldman Sachs.[74][63] At the time, the building was 97 percent occupied, with only 13,800 sq ft (1,280 m2) of vacant space available.[77] Around two-thirds of the building was occupied by just one tenant, Latham & Watkins.[77][78] Bernard L. Madoff Investment Securities, which occupied three stories, folded in 2008 after its chairman Bernie Madoff was found to have operated a $65 billion Ponzi scheme.[79] Afterward, the Federal Bureau of Investigation took over part of Madoff's space while it was investigating charges of fraud against Madoff.[45][58] Brokers expressed concerns that the building's connection with Madoff would drive away tenants.[58] Rental income at 885 Third Avenue declined in subsequent years, partly as a result of the Madoff scandal,[80] but also because of increased vacancy rates caused by the financial crisis of 2007–2008.[81] Wolfgang's Steakhouse took over Vong's former space in the building in late 2009.[68]

2010s to present

[edit]

Metropolitan 885 Third Avenue LLC defaulted on its first mortgage loan in 2010, and RBC sued that June to foreclose on the building.[63][64] Metropolitan filed for bankruptcy that November.[81][82][83] Argentine group Inversiones y Representaciones Sociedad Anónima (IRSA) and the Marciano Investment Group acquired majority ownership of the building in a deal that valued the building at $395 million.[58] SL Green consolidated its ownership of the underlying land, which was valued at $352 million.[71] Despite the Madoff controversy, the building was still more than 90 percent occupied after IRSA and Marciano's acquisition.[58][84] Some vacant office space was used for an art show in 2011,[56] and the lobby hosted an exhibition on Philip Johnson's work the next year.[85][86] A cafe opened within the building's lobby in 2010;[87] it was replaced in 2014 by the Crimson & Rye restaurant, operated by chef Charlie Palmer.[88] To attract tenants, IRSA and Marciano hired architectural firm Gensler to redesign some of the office space.[84] The owners then leased out the space as prebuilt offices, each with a few thousand square feet.[84][89]

Herald Square Properties, the building's managing agent,[90] reported in 2014 that there was demand for full stories within the building.[89] By the next year, the building was 97 percent leased, including all of Madoff's old space.[91] SL Green sold a controlling stake in the ground lease to Ceruzzi Properties and SMI USA for $453 million in October 2015.[92][93] The sale, which helped fund SL Green's purchase of 11 Madison Avenue,[94] was finalized the next February.[71][70] Ceruzzi, SMI USA, and SL Green owned 78.9 percent of the site, sharing the remainder with another owner.[95] Ceruzzi leased the land back to IRSA and obtained a $272 million, four-year loan from Credit Suisse in 2017.[96][97] The building continued to attract tenants such as hedge fund Alden Global Capital and law firm Noerr.[68] Latham and Watkins announced in 2018 that it would relocate to 1271 Avenue of the Americas,[98] vacating a majority of 885 Third Avenue's office space.[99][100] Amid a weakening Argentine economy, IRSA and Marciano opted not to exercise their option to buy the land under 885 Third Avenue in 2019. Instead, Ceruzzi placed the land for sale the same year.[99]

Due to the global COVID-19 pandemic in 2020, IRSA failed to make payments on the ground-lease loan, which was sent to a special servicer in June 2020.[101][95] Further disputes arose when 3 Company LLC, which owned 21 percent of the site, attempted to raise the annual ground rent for its portion of the site fivefold, based on an appraisal conducted before the onset of the pandemic. SL Green filed a lawsuit claiming that the parcel had not been properly appraised.[17][102] Ceruzzi narrowly avoided defaulting on the loan,[102] which SL Green acquired in March 2021.[103] Later that year, SL Green announced on Twitter that it would renovate the lobby;[104] the firm had begun leasing out space in the building by early 2022.[105][106] In September 2022, Memorial Sloan Kettering Cancer Center paid SL Green $300 million for 415,000 to 435,000 square feet (38,600 to 40,400 m2), about two-thirds of the building's space.[107][108]

Reception

[edit]

Newsday cited 885 Third Avenue as an example of Johnson's "tangential approach", referencing an interview for PBS's American Masters television series in 1986, in which Johnson described his approach to architecture: "Sometimes you have to be tangent to the world or you'll go crazy."[109] Vincent Scully wrote for The New York Times Magazine that the building was "whirly Houston type", either honoring the Southwest or referencing Third Avenue's reputation as a "frontier street".[110] The New York Times compared the lobby of the nearby 666 Fifth Avenue, redesigned in the late 1990s, to the design of 885 Third Avenue.[111] The New York Daily News wrote in 2012 that the building "isn't just an intriguing structure; it's a perfect example of modernist architecture".[85] Curbed wrote in 2023 that the structure "has long served as a counterpoint to the blandness of the rest of Third Avenue".[112]

Carter Wiseman described the building as "campy absurd" in an American Heritage article in which he criticized Johnson as the "most overrated architect".[113] Michael Sorkin criticized the design, saying: "At the level of shape, the building is just fine, a good shape and distinct. But the project loses it in the details."[114] Eric Nash wrote in 2005 that "discontinuity is emphasized at every level", from the columns at the base to the interior layout of the building.[2]

References

[edit]

Notes

[edit]
  1. ^ The area was rezoned in 1982.[19]

Citations

[edit]
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