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Lehman Brothers
Lehman Brothers
Lehman Brothers was one of the nation’s largest banks until its collapse in September 2008, which triggered the Great Recession. Once referred to by The New York Times as “the real estate ATM,” the Manhattan-based firm that dated to the mid-19th century was before its demise one of the most active players in the New York—and national—property market. Lehman partnered with Tishman Speyer on its $22.2 billion takeover of apartment behemoth Archstone-Smith in 2007. Before that, its borrowers included Steven Witkoff on the Woolworth Building in 1998 and Aby Rosen and Michael Fuchs on both Lever House and the Seagram Building. The bank also lent heavily in the equally doomed subprime-mortgage market. Even after its 2008 collapse, Lehman continued to haunt New York real estate, as it divested itself of holdings and left other institutions skittish about lending too generously. The firm was led by chairman and CEO Dick Fuld when it went out of business. -TA
Undated photo: The official photograph of UAE President Sheikh Khalifa bin Zayed Al Nahyan, March 11, 2008. Photo by WAM *** Local Caption *** «·’Ê—… «·—”„Ì… ··‘ÌŒ Œ·Ì›… »‰ “«Ìœ ¬· ‰ÂÌ«‰ —∆Ì” œÊ·… «·«„«—«  «·⁄—»Ì… «·„ Õœ… ‹ „«—” ‹11‹2008‹ «·’Ê—…  „‰ Ê«„
11/25/15
The Abu Dhabi Investment Authority, the nation’s sovereign wealth fund, has added to its portfolio of Manhattan hotels. Tags: Abu Dhabi Investment Authority, blackstone group...
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11/18/15
From the November issue: Seven years after the global financial crisis, New York’s real estate lending market is back with a vengeance. But much has...
SamZellPartyFbox
10/26/15
In 2007, Sam Zell struck a deal to sell his entire office-building portfolio to the Blackstone Group for $39 billion, then the biggest leveraged-buyout deal ever....
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10/23/15
UPDATED, 7:40 p.m., Oct. 23: Robert Gladstone’s Madison Equities, in partnership with the Italy-based Pizzarotti Group, is planning a 65-story condo tower on a vacant...
Brooklyn_Bridge_by_David_Shankbonefeatured
10/08/15
The average Brooklyn pad cost nearly $860,000 during the third quarter – setting yet another price record and quashing any lingering notion of the borough’s...
Bag
09/02/15
From the September issue: On Oct. 3, 2008, Daniel Herzberg, a British expatriate in Spain, called his bank, the Icelandic Landsbanki, to ask if his money...
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08/26/15
When General Electric executives phoned Blackstone Group’s Lexington Avenue office in March to propose one of the largest real estate deals in U.S. history, Kenneth...
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08/11/15
Despite overcoming many obstacles after the financial crisis, Kent Swig has not entirely escaped his past. American Express Bank sued the prominent developer, owner of Swig...
Gladstone 45 Broad
08/03/15
UPDATED, 4:55 p.m., August 3: Robert Gladstone’s Madison Equities is in contract to purchase a Lower Manhattan development site at 45 Broad Street, which could...
Harborside Mitch Rudin
07/23/15
Investment bank Brown Brothers Harriman inked an 11-year lease for almost 115,000 square feet at Mack-Cali Realty’s Harborside Plaza 5 along the Jersey City waterfront....
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06/10/15
L&L Holding Company and partners kicked off construction on their full-block spec office tower at 425 Park Avenue Wednesday morning with an invigorating celebration involving...
retail winnersFB
06/10/15
The Cushman and Wakefield brokers who spent six years working to land a tenant for the Wildenstein townhouse on the Upper East Side earned themselves...
Harry Macklowe Liar's Ball J.C. Chandor-
06/09/15
“The Liar’s Ball,” a nonfiction book by investigative reporter Vicky Ward that tracks Harry Macklowe’s machinations while redeveloping the GM Building in the 1990s and 2000s, is...
Rudin
06/03/15
Mack-Cali Realty Corporation tapped former top Brookfield executive Mitch Rudin as its new CEO, the real estate investment trust announced today. Rudin, who was the...
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06/01/15
Central Synagogue at 652 Lexington Avenue Central Synagogue is forced to close due to bedbugs. Three Walker Tower pads list for combined $60 million. ...
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05/20/15
Cornerstone Real Estate Advisers is buying the 29-story office tower at 100 Wall Street from Savanna for $275 million. Tags: 100 wall street, savanna ...
250 West 55th Street and Bill Ackman-
03/30/15
Bill Ackman’s Pershing Square Capital is nearing a deal to take 49,000 square feet at Boston Properties’ 250 West 55th Street in Midtown. The hedge...
Dan-Doctoroff
03/17/15
From the March issue: It’s not a stretch to call Dan Doctoroff a modern-day Robert Moses. Doctoroff — who started his career at Lehman Brothers and...
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03/05/15
Savanna is selling 100 Wall Street and could get as much as $250 million for the office building, the New York Daily News reported, citing unnamed...
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02/26/15
From the February issue: The Nakash Family, founders of the Jordache Jeans empire, purchased The Setai Hotel in South Beach from Lehman Brothers Holdings Inc. for nearly...
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02/26/15
European investors are cashing out of the Financial District as the Euro weakens and apartment prices in the area are at an all-time high. Tags:...
marx-feat
02/18/15
Developer David Marx, who already has a hotel under construction in Hudson Yards, is planning to break ground next year on a 438-key property on...
setai-feetch
12/28/14
From the South Florida website: The Nakash family, founders of the Jordache Jeans empire and owners of the old Versace mansion, purchased The Setai Hotel...
45-Scandalios-FB
11/10/14
A Lower Manhattan development parcel once owned by Kent Swig will return to the market next year and could sell for as much as $110...
NYLOFINAL
11/10/14
Lehman Brothers listed the NYLO New York City hotel for sale last week. Tags: Lehman Brothers, upper west side ...
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  • Event Sales
  • Address 325 West Broadway
  • Neighborhood Soho
  • Borough Manhattan
  • Square feet 61,416
  • Price $ 38,350,000
  • Publication Date 12/01/2012
  • Event Date 10/22/2012
  • Party 1 Lehman Brothers Holdings subsidiary
  • Party 1 Brokerage HFF
  • Party 1 Broker Andrew Scandalios, Jose Cruz, Jeffrey Julien, Kevin O'Hearn
  • Party 2 DDG
notes
The development site sold for $38.35 million. The current plan for the development, to be located at 325-329 West Broadway and 23-25 Wooster Street, calls for a two-building, 24-unit condo with ground-floor retail.
  • Event Sales
  • Building Name Rihga Royal
  • Address 151 West 54th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Price $ 183,000,000
notes
$40M in renovations planned
  • Event Sales
  • Address 1211 Sixth Avenue
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 2
  • Price $ 1,500,000,000
  • Price per foot $ 800.00
notes
The 45-story office tower, which occupies the entire block between 47th and 48th streets, sold for approximately $1.5 billion, or $800 per square foot. Asking rents in the building, which is 53 percent leased to News Corp. and 13 percent leased to law firm Ropes & Gray, are rumored to be $60 to $90 per square foot. Jamestown, which acquired the property in 1999 for $600 million, will recognize a gain of nearly $1 billon on the deal.
  • Event Sales
  • Building Name Park Central Hotel
  • Address 870 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Publication Date 12/01/2004
  • Event Date 10/22/2004
  • Party 1 Lehman Brothers
  • Party 1 Brokerage Sonnenblick-Goldman
  • Party 2 Highgate Holdings
notes
Investment firm signed letter of intent to purchase hotel
  • Event Sales
  • Address 425 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
notes
The 85-year ground lease was sold. Price n/a.
  • Event Sales
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1
  • Price $ 810,000,000
notes
The property sold for $810 million, Crain's reported. The buyer plans to renovate the building.
  • Event Sales
  • Address 545 Madison Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 140,000
  • Publication Date 12/01/2006
  • Event Date 10/22/2006
  • Party 1 Marx Realty and Improvement Company
  • Party 1 Brokerage CBRE
  • Party 1 Broker William Shanahan, John Powers
  • Party 2 LCOR, Lehman Brothers, Blackrock
notes
A 75-year ground lease was structured for the vacant building. LCOR and its partners intend to undertake a gut renovation of the property, with construction expected to begin in early 2007. Occupancy is slated for spring 2008. Price n/a.
  • Event Sales
  • Building Name The Bertelsmann building
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 1
  • Price $ 560,000,000
  • Price per foot $ 745.00
notes
The building, primarily tenanted by Viacom and Bertelsmann, is being sold for $820 million, or $745 per square foot. The acquisition will occur in two parts. Equity Office Properties and Lehman Brothers will acquire the 900,000-square-foot office section, while Vornado will acquire the retail components (see below). The office section sold for approximately $560 million, or $622 per square foot. The building was acquired by the Paramount-Principal joint venture in mid-2004 for approximately $420 million, which equates to a profit of $400 million.
  • Event Sales
  • Address 1107 Broadway
  • Neighborhood #VALUE!
  • Borough Manhattan
  • Price $ 191,000,000
notes
The purchase of the building, a part of the former International Toy Center, closed for $191 million, following a bankruptcy auction in June. The new ownership is planning a $290 million condo conversion, featuring 145 units, in collaboration with a Morgan Stanley real estate fund.
  • Event Sales
  • Building Name Park Central Hotel
  • Address 870 7th Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Price $ 200,000,000
  • Publication Date 03/01/2005
  • Event Date 01/20/2005
  • Party 1 Lehman Brothers
  • Party 1 Brokerage Sonnenblick-Goldman
  • Party 1 Broker Mark Gordon, Svetlin Ganchev, Terry Hess
  • Party 2 Highgate Holdings, Goldman Sachs partnership
notes
[EMPTY]
  • Event Sales
  • Building Name 448-452 11th Avenue
  • Address 452 11th Avenue
  • Neighborhood Hudson Yards
  • Borough Manhattan
  • Price $ 35,000,000
  • Publication Date 11/01/2013
  • Event Date 09/22/2013
  • Party 1 Lehman Brothers Holdings
  • Party 1 Brokerage HFF
  • Party 1 Broker Andrew Scandalios, Jose Cruz, Jeffrey Julien, Kevin O'Hearn
  • Party 2 David Marx
notes
The development site sold for $35 million.
  • Event Sales
  • Address 448 11th Avenue
  • Neighborhood Hudson Yards
  • Borough Manhattan
  • Price $ 30,000,000
notes
The property sold for about $30 million, Crain's reported.
  • Event Retail Leasing
  • Building Name Lehman Brothers Building
  • Address 745 7th Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 1,000
notes
Chocolatier takes corner retail space for 10 years
  • Event Retail Leasing
  • Address 745 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 3,200
notes
10-year lease for English clothing Company's second NYC store
  • Event Retail Leasing
  • Address 745 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 1,000
notes
High-end chocolatier takes space
  • Event Retail Leasing
  • Address 745 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 4,100
notes
Athletic shoe store to open flagship location in mid-January
  • Event Office Leasing
  • Address 1301 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 160,000
  • Publication Date 02/01/2006
  • Event Date 12/23/2005
  • Party 1 Equity Office
  • Party 1 Brokerage in-house
  • Party 1 Broker Joseph Artusa
  • Party 2 Lehman Brothers
  • Party 2 Brokerage CBRE
  • Party 2 Broker Robert Alexander
notes
Investment bank will be expanding in the building. It had expanded by 90,000 square feet during 2005.
  • Event Office Leasing
  • Address 1301 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 306,700
  • Publication Date 02/01/2005
  • Event Date 12/23/2004
  • Party 1 Equity Office
  • Party 1 Brokerage in-house
  • Party 1 Broker Brett Greenberg
  • Party 2 Lehman Brothers
  • Party 2 Brokerage CBRE
  • Party 2 Broker Robert Alexander, Matt Geoghegan
notes
Financial services firm takes space
  • Event Office Leasing
  • Address 1271 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 150,000
notes
The bankrupt financial services entity signed a new sublease for floors 35, 38 and 40, and parts of the 39th and 46th floors. Lehman previously cancelled a sublease it had signed in 2007 for 500,000 square feet at the building.
  • Event Office Leasing
  • Address 1271 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 400,000
notes
Lehman Brothers signed for the space under a sublease from Time Inc. in a long-anticipated deal.
  • Event Office Leasing
  • Address 100 Wall Street
  • Neighborhood Seaport
  • Borough Manhattan
  • Square feet 19,647
notes
The tenant signed a lease renewal. James Giddens was selected by the Securities Investor Protection and appointed by the U.S. District Court for the Southern District of New York to handle the liquidation of Lehman Brothers Inc. in 2008.

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