Lehman to unload Toy Center stake

New York /
May.May 16, 2011 09:57 AM

The Lehman Brothers Holdings estate is looking to unload its 90 percent equity stake in the former International Toy Center building at 200 Fifth Avenue, the Wall Street Journal reported. The bank bought the 800,000-square-foot property in partnership with L&L Holding for $480 million in May 2007, after which its value plunged to below the value of the $390 million mortgage. But with the Manhattan office market on the rebound, and several big-name tenants — including Eataly and Tiffany & Co. — now in place, the property is again worth more than the debt, and Lehman, which has been holding on to many of its real estate assets on the assumption that the market will eventually improve, is now ready to sell. Jeff Fitz, managing director at restructuring firm Alvarez & Marsal, which is overseeing the Lehman portfolio, said the Toy Center is “a perfect example of how actively stabilizing our real-estate assets in lieu of selling in a down market has made sense.” Eastdil Secured is marketing the Lehman stake, while L&L plans to retain its stake in the building. [WSJ]


Related Articles

arrow_forward_ios
How to steal a building in broad daylight
How to steal a building in broad daylight
How to steal a building in broad daylight
Tiffany and Co's Anthony Ledru with 200 Fifth Avenue (Tiffany & Co, Loopnet, iStock)
Tiffany & Co. trims HQ office lease
Tiffany & Co. trims HQ office lease
The Hard Rock at 159 West 48th Street, Guggenheim Investments' Scott Minerd and Extell Development's Gary Barnett (Hard Rock Hotels, Getty)
Extell lands $325M refi for Times Square Hard Rock Hotel
Extell lands $325M refi for Times Square Hard Rock Hotel
Code Climate's Brian Helmkamp (Code Climate, L&L Holding Company)
Software company claims 42K sf at L&L’s 195 Broadway
Software company claims 42K sf at L&L’s 195 Broadway
Michael Gronager, chief executive officer, Chainalysis, in front of 114 Fifth Avenue (Chainalysis, LoopNet/Illustration by Steven Dilakian for The Real Deal)
Crypto data firm doubles space at Flatiron office
Crypto data firm doubles space at Flatiron office
425 Park Avenue and L&L Holding Company CEO David Levinson (Alan Schindler, Levinson via Getty)
L&L secures nearly $1B financing package to complete 425 Park Ave
L&L secures nearly $1B financing package to complete 425 Park Ave
The ascendants: New leaders take the helm at city’s top brokerages
The ascendants: New leaders take the helm at city’s top brokerages
The ascendants: New leaders take the helm at city’s top brokerages
195 Broadway in Manhattan NYC, Orchard Technologies CEO Court Cunningham and L&L Holding Company CEO David Levinson (Google Maps, Orchard, L&L)
Orchard Technologies leases 107K sf at L&L’s 195 Broadway
Orchard Technologies leases 107K sf at L&L’s 195 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...