New York City’s famed Lipstick Building in Midtown has had its ups and downs over the decades — most notably as the headquarters of Ponzi king Bernie Madoff — but the revitalized tower’s dining scene is getting a fresh makeover.
Well-regarded Soho Italian restaurant MAMO will replace buttoned-down Wolfgang’s steakhouse at the iconic property, Realty Check has learned.
The new restaurant on Lipstick’s East 53rd Street side is expected to open early next year, sources said.
“MAMO belongs at the center of where design and distinction matter most — nestled in one of Manhattan’s most architecturally bold addresses,” said CBRE’s Spencer Levy, who repped the tenant.
SL Green, which rescued the troubled, Philip Johnson- and John Burgee-designed tower at 885 Third Ave. five years ago, signed a 7,000 square-foot lease with the Italian Riviera-inspired eatery on West Broadway.
MAMO’s space includes 5,000 square feet on the ground floor and 2,000 square feet on the lower level. Wolfgang’s, which has closed, was at the building for 15 years.
“It was critical for the ownership to curate a tenant that not only activated the space, but enhanced the overall experience of the building,” said Newmark’s Adam Weinblatt, the tower’s s retail leasing agent.
The deal marks the latest surprising twist at the 34-story Lipstick, which opened in 1986 as a prime symbol of the Postmodernist trend in architecture that also included Johnson and Burgee’s “Chippendale”-topped 550 Madison Ave., originally the headquarters of AT&T.
SL Green, the city’s largest commercial landlord, took control of the Lipstick Building after a previous owner defaulted on a mortgage.
The developer quickly bolstered the sagging Third Avenue scene, and electrified the investment-sale market, by selling about two-thirds of the 580,000 square-foot tower to Memorial Sloan-Kettering for $300 million three years ago.
The medical institution’s arrival marked a dramatic return to glory for the property, which had seen foreclosures, bankruptcy filings and a revolving door of previous owners.
Madoff added another layer of infamy, leasing three floors at the building for years before his scheme finally unraveled in 2008.
SL Green recently spent $16 million to renovate, redesign and brighten the lobby, which is home to a Daniel Boulud coffee bar.
Major office tenants include EuroConsult, Inc., and law firm Reitler Kailas & Rosenblatt.
Previous owners of the Lipstick included Hines, the tower’s developer, as well as Tishman Speyer, Royal Canadian Bank, Marciano Investment Group and Ceruzzi Properties.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
