Lipstick Building Gets a New Coat of Gloss

NEW YORK CITY-After a short-period of trouble, the current ownership of Manhattan’s famed Lipstick Building is pushing the property back up to top-tier status. New York City-based Herald Square Properties is working with co-asset manager with Argentinean real estate firm Irsa International to give the 34-story, 636,000-square-foot building at 885 Third Ave. a makeover.

Current capital improvements here include renovations of the lobby and plaza, as well as the implementation of a pre-built, Gensler-designed office space program, says Gerard “Jerry” Nocera, head of HSP, who tells GlobeSt.com that the building is undergoing a transformation after several years of distress. “This is a positive cash flowing asset right now that’s well capitalized,” he says. “It’s no longer a building that suffers from a choke-hold of a mortgage.”