Lipstick Building Headed Toward Foreclosure

NYC's Lipstick building is a very well known landmark. It has a unique shake resembling a tube of lipstick and it is from where Bernie Madoff operated his scam. The building may now be headed into foreclosure.

NyPo is reporting that the buildings cash reserves are nearly depleted because of a shortfall in rental income, partly the result of former-Madoff space that is still unoccupied.

Bernie's old space is available for rent at $49 a square foot, which appears to be significantly down in price from what Bernie was paying.

Madoff occupied 40,000 square feet in the building.