L&L makes stalking-horse bid for 1107 B’way

The former Toy Building at 1107 Broadway and developer Yitzchak Tessler (building photo source: PropertyShark)

L&L Holding has submitted a stalking-horse bid for 1107 Broadway, the vacant, 16-story former Toy Building that’s slated to be sold in a public foreclosure auction later this month. According to the Post, L&L, which owns the 1107 Broadway’s more financially stable sister building, 200 Fifth Avenue, across the street, bid $161.5 million for the property, where Lehman currently holds $343 million in debt. Another buyer would have to offer above $164.5 million in order to win the building, which is owned by a partnership led by Yitzhak Tessler that also includes investor Joseph Chetrit. No financing is allowed. A sale of the 321,200-square-foot property, which, unlike 200 Fifth Avenue, is not landmarked, will also come with the adjacent five-story brownstone at 7 West 24th Street. [Post, 2nd item]