A New Wave fashion show is to be held in a crowded Manhattan nightclub. Among the models are bisexual, cocaine-addicted Margaret and her similarly cocaine-addicted nemesis Jimmy. Margaret’s drug-dealing girlfriend, Adrian, is constantly hassled by Jimmy because he does not have the money to pay for more drugs.
A small UFO lands on the roof of the penthouse apartment occupied by Margaret and Adrian. Jimmy accompanies Margaret home before the show, but he’s actually trying to find Adrian’s drugs. Margaret is being watched by a tiny, shapeless alien from inside the UFO. Margaret and Jimmy return to the club to participate in the show. During preparations, both agree to a photo shoot the following night on Margaret’s rooftop. They are assured that there will be plenty of cocaine available at the shoot.