New York City’s well-known Lipstick Building in Midtown has seen its share of changes over the years, especially during its time as the headquarters for Bernie Madoff. Now, though, the dining options in the tower are getting a fresh update.
The popular Soho Italian restaurant MAMO will take the place of Wolfgang’s Steakhouse at this iconic location, according to Realty Check.
Located on the East 53rd Street side, MAMO is set to open early next year.
“The MAMO is situated in a place where design and distinction truly matter. It’s surrounded by some of Manhattan’s most striking architecture,” said Spencer Levy from CBRE, who represented the tenants in this deal.
S.L. Green, which revived the property designed by Philip Johnson and John Berge at 885 Third Ave. five years ago, has signed a lease for 7,000 square feet with this Italian Riviera-inspired restaurant.
The restaurant will feature 5,000 square feet on the ground floor and an additional 2,000 square feet below. Wolfgang’s occupied the building for 15 years before closing.
“The owners prioritized finding tenants that would not just revive the space but also improve the overall experience within the building,” remarked Adam Weinblatt from Newmark, the retail lease agent for the tower.
This deal represents another twist in the history of the 34-story Lipstick Building, which was inaugurated in 1986 as a significant emblem of postmodern architecture, featuring Johnson and Burge’s “Chippendale.”
SL Green became the property’s largest landlord after the previous owner defaulted on a mortgage.
The developer has been instrumental in revitalizing the area along Third Avenue and has energized the investment sales market by selling about two-thirds of the 580,000-square-foot tower to Memorial Sloan Kettering for $300 million three years ago.
The arrival of the medical institution marked a significant turnaround for the property, which had experienced foreclosure and bankruptcy issues under its prior ownership.
Madoff added another notorious chapter when he leased three stories in 2008 before his schemes were finally exposed.
Recently, SL Green invested $16 million to renovate the lobby, now home to Daniel Boulevard Coffee Bar.
Current major tenants include Euroconsult, Inc., and the law firm Reitler Kailas & Rosenblatt.
Historically, the Lipstick Building has been owned by multiple developers, including Hines, Tishman Spayer, Royal Bank of Canada, Marciano Investment Group, and Sertzi Properties.
