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NEW YORK CITY — Metropolitan 885 Third Avenue Leasehold, a limited liability company created for the ownership of Manhattan's famed Lipstick Building, has filed for Chapter 11 bankruptcy protection. As part of its reorganization plan, the company hopes to exit bankruptcy by the end of the year. According to published reports, Royal Bank of Canada (RBC), the property's main lender, sued the owner to force a sale of the property after it defaulted on a $210 million loan in June. Under the reorganization plan, a new ownership entity will be created and all of the entity's ownership stake will be pledged to RBC.