Max Fish

Townhouse at 386 Van Brunt Street asking $2.15 million could set a Red Hook record if sold. Lehman Brothers to sell millions of shares of AvalonBay and Equity Residential. Brooklyn-bound Max Fish hightailing it out of LES by July. Digital marketing firm signs lease for 8,732 sf in Midtown South. Barbara Corcoran tells her story — of going from a diner waitress to a mogul. Read these stories and more after the jump.

425 Park Avenue

Lehman Brothers is looking to sell its 90 percent stake in 425 Park Avenue, the Wall Street Journal reported. The 31-story, 567,340-square-foot building, located in Midtown East, is slated to be demolished and replaced with a 650,000-square-foot Norman Foster-designed office tower  being developed by L&L Holdings, which owns the remaining 10 percent stake in the current building. [more]

Sam Zell

Sam Zell’s Equity Residential said Monday that it would sell 27 properties to a joint venture including Goldman Sachs and Greystar Real Estate Partners, in a $1.5 billion deal, The News-Gazette of East Central Illinois reported. The two-part deal is set to close in this quarter. The deal includes roughly 8,000 apartment units, although none of the properties in the deal are in New York City. Under the agreement, the buyer has the option of excluding up to 8 percent of the value of the assets from the transaction, meaning it would only need to buy $1.38 billion of the assets. … [more]

From left: Avalon Bay CEO Timothy Naughton, the Archstone Chelsea at 800 Sixth Avenue and Equity Residential head Samuel Zell

Lehman Brothers has agreed to sell landlord Archstone’s apartment building portfolio to Samuel Zell’s Equity Residential and AvalonBay Communities for approximately $6.5 billion in cash and stock, the New York Times reported. Lehman’s $23 billion acquisition of Archstone with Tishman Speyer prior to the collapse of the housing market was one of the major contributors to the bank’s collapse. Ironically, it will now help Lehman to pay back its plethora of creditors.

Englewood, Colo.-based Archstone owns or has a stake in 181 developments with 57,948 apartment units, mostly in urban areas in the Northeast, California and southeast Florida, as of September 30. Archstone had been Leman’s single biggest remaining asset, and the financial firm was planning to take it public in a $3.45 billion initial public offering that is no longer on the table. [more]

Archstone, the massive apartment landlord now owned by failed bank Lehman Brothers’ estate, is seeking tor aise $3.45 billion through its initial public offering, Bloomberg News reported. Archstone, which plans to organize itself as real estate investment trust, updated the amount sought in a filing yesterday, Bloomberg News said. The company, which boasted revenue of $272.7 million in the third quarter of 2012, in August filed to go public. [more]

237 Park Avenue

Despite four years having passed since it filed for bankruptcy protections, fallen investment bank Lehman Brothers is biding its time before selling off its remaining assets in an effort to derive every possible dollar from its portfolio, the New York Times reported.

In New York, Lehman has set about buying out partners, paying off loans and making improvements to some of its holdings in an effort to increase potential resale values. At 200 Fifth Avenue, for instance, Lehman worked with L&L Holdings to restructure its debt and the property and bring in a wave of new tenants. The building’s occupancy rate has soared to 80 percent after lingering at 45 percent in 2010, the Times noted. Last year, Lehman sold its stake in the building to J.P. Morgan in a deal that valued the building at $700 million. [more]

250 West 90th Street

Armstrong Capital President Benjamin Ringel, currently facing foreclosure on his Hamptons mansion, is now up against a lawsuit for allegedly defaulting on a $16.3 million loan balance backed by a Food Emporium site on Manhattan’s Upper West Side. Miami Beach-based special servicer LNR on August 6 filed suit in New York State Supreme Court, alleging Ringel defaulted on the loan in January 2008.

Lehman Brothers made the original $18 million loan in 2005 for the site, a 20,800-square-foot retail space at the New West Condo, a 21-story building with 185 apartments at 250 West 90th Street. As The Real Deal previously reported, the retail site was named in a December 2010 Trepp delinquency list, which noted that a workout was being discussed.  [more]

From left: Joseph Gregory and shots of his Lloyd Harbor property

Former Lehman Brothers Chief Operating Officer Joseph Gregory has listed his Lloyd Harbor, N.Y. mansion for $22 million, Business Insider reported. Last year, Gregory’s Bridgehampton home sold to Donny Deutsch, formerly of CNBC, for $20.5 million, but selling it wasn’t easy. [more]

Sam Zell

Sam Zell’s Equity Residential received the $150 million in termination fees from Bank of America, Barclays Bank PLC and Lehman Brothers Holdings to finish the sale of Archstone to Lehman, GlobeSt.com reported. Also yesterday, Lehman confirmed its completion of the purchase of Archstone’s remaining stake, grabbing the final 26.5 percent interest for $1.5 billion. [more]

From left: Calstrs CEO Jack Ehnes and LCOR CEO Peter Dilullo

The California State Teachers’ Retirement System is set to purchase a more than 90 percent stake in the large New York developer LCOR from Lehman Brothers, the Wall Street Journal reported. Lehman Brothers first invested in LCOR in 1999 and saw it through the recession and numerous projects, including the conversion of 25 Broad Street and Terminal 4 at JFK International Airport. [more]