Owners of Lipstick Building Files for Chapter 11

Wednesday, Nov 17, 2010  |  Updated 11:00 AM EDT
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Owners of Lipstick Building Files for Chapter 11

The owner of Midtown's Lipstick Building -- the distinctive, landmark tower gracing Third Avenue and 53rd Street-- has filed for Chapter 11 bankruptcy.

The building once leased office space to notorious Ponzi schemer Bernard Madoff and is home to thousands of other businesses.

Owners of the building have apparently defaulted on $210 mortgage, prompting the bankruptcy filing.

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