The Real Deal New York

Posts Tagged ‘Lehman Brothers’

  • gm-site

    General Motors site in Sleepy Hollow, N.Y.

    California-based developer SunCal, a longtime partner of the now-defunct investment bank Lehman Brothers, bought a former General Motors assembly plant in Westchester County and a vacant Oakland, Calif., naval hospital. Combined, the two sites are valued at $1 billion.

    SunCal, in a joint venture with Diversified Realty Advisors, wants to convert the GM-owned parcel in Sleepy Hollow, N.Y., into a 1,177-apartment complex. The 170,000-square-foot commercial component would include offices, a hotel and retail space. The plant has sat empty for more than 15 years. [more]

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  • milan-sofia

    From left: Sofia Vergara, Nick Loeb and 300 East 55th Street

    Businessman Nick Loeb, engaged to “Modern Family” actress Sofia Vergara, has taken up residence at a condominium he is renting at the Milan. [more]

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  • MetLife Stadium, formerly known as Giants Stadium

    MetLife Stadium, formerly known as Giants Stadium

    Lehman Brothers Holdings has sued an owner of the renamed MetLife Stadium in East Rutherford, N.J., for canceling interest-rate swap contracts, allegedly to wriggle out of paying millions of dollars to the financial firm. [more]

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  • dunbar-apartments

    Dunbar Apartments, West 149th and West 150th streets between Seventh and Eighth avenues (Credit: Flickr)

    Lehman Brothers has divvied up a $139 million portfolio of Upper Manhattan apartment buildings, including the massive Dunbar Manor, among six buyers, the New York Observer reported.

    Massey Knakal Realty Services arranged the sale of the 15 properties, all either on the market because of bankruptcy or foreclosure; the number of units total 1,084. Of the buildings, spread across the Upper West Side and Harlem, the biggest is Dunbar Manor, which covers West 149th and West 150th streets between Seventh and Eighth avenues. Its six buildings consist of 536 residential units and 11 commercial units. [more]

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  • An aerial image of the site at 448 11th Avenue

    An aerial image of the site at 448 11th Avenue

    Real estate investor David Marx is taking another crack at a hotel dream that the recession shattered, paying more than  $30 million for a site that his lender Lehman Brothers seized just two years ago, Crain’s reported.

    The first time around, in 2007, Marx paid $45 million for the property at 448 11th Avenue, on the corner of West 37th Street across from the Jacob K. Javits Convention Center; his plans again call for a 210,000-square-foot hotel on the parcel, which is near another Marx development site at West 34th Street and 10th Avenue, according to Crain’s. [more]

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  • 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.

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  • 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]

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  • 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]

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  • 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]

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  • Archstone seeks to raise $3.45B via IPO

    November 20, 2012 09:30AM

    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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • From left: Paula Del Nunzio and 7 West 54th Street

    An office building on West 54th Street is hitting the market at just less than $4,000 per square foot, the most expensive asking price ever for an office property, according to the Wall Street Journal. The building is a Beaux-Arts mansion at 7 West 54th Street, between Fifth and Sixth avenues, that was built more than a century ago as the home of Philip Lehman, the former head of Lehman Brothers. [more]

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  • Rendering of the Triple Five Meadowlands project, set to be completed in 2013

    A New York appeals court has ruled in favor of the former developer of the Meadowlands Xanadu shopping and entertainment project in East Rutherford, N.J., overturning a lower court ruling and giving the former developer the right to recover $600 million in damages against a Lehman Brothers affiliate which cut off the promised construction financing for the project, an attorney for the developer said today. [more]

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  • Equity Residential Chairman Sam Zell

    Equity Residential increased its bid for the final 26.5 percent stake in Archstrone to $1.5 billion, triggering a guaranteed breakup fee if Lehman Brothers matches the bid, Bloomberg News reported.

    Bank of America and Barclays have looked to unload their combined 53 percent stake in the Archstone portfolio, and that has resulted in a contentious battle for the stake between Lehman and Sam Zell’s Equity. Lehman already possessed a 47 percent stake in the portfolio and recently purchased an additional 26.5 percent stake for more than $1.3 billion.  [more]

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  • Lehman Brothers Holdings matched Equity Residential’s $1.33 billion bid for a 26.5 percent stake in Archstone, and then sued partners Bank of America and Barclays for breaching Lehman’s right of first refusal for the stake in a sale, Bloomberg News reported.

    Archstone is a real estate investment trust with stakes in 60,000 U.S. apartment units and 14,000 units in Germany, that Lehman purchased in October 2007 with Tishman Speyer for $22 billion. Lehmar eventually filed for the biggest bankruptcy in U.S. history and refinanced the portfolio and brought in equity partners Barclays and BofA, which combined for a 53 percent stake. … [more]

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  • Witkoff closes on 1107 Broadway for $191M

    September 28, 2011 02:10PM

    From left: Steve Witkoff, founder of the Witkoff Group, 1107 Broadway, Yitzhak Tessler of Tessler Developments and Eastdil Secured’s Adam Spies and Douglas Harmon

    Steve Witkoff’s Witkoff Group has completed its purchase of part of the former International Toy Center building from Lehman Brothers Holdings for $191 million, Lehman announced yesterday, following a bankruptcy auction by Eastdil Secured in June. Witkoff is planning a $290 million condominium conversion of the property, at 1107 Broadway, featuring 145 units, in collaboration with a Morgan Stanley real estate fund.

    Eastdil Secured brokers Adam Spies and Doug Harmon represented the seller in the deal, and brought the buyer and seller together.

    The closing of the 16-story office building follows the sale of 200 Fifth Avenue earlier this month, which was previously the main Toy Center building, for $726 million. … [more]

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