Lehman Brothers shifts tactics, considers new Soho development

New York /
Jun.June 22, 2011 09:37 AM

Having just leased the first 10 apartments at 25 Broad Street last month, Lehman Brothers Holdings lives on and is looking to make some profit from prime New York properties, and perhaps pay off some creditors, according to the New York Observer.

Set to Update A Bankruptcy Court on plans next week, Lehman has apparently shifted its tactics. The firm is moving to sell its share of key Manhattan assets such as the old International Toy Center at 200 Fifth Avenue and 1107 Broadway, and is quietly considering a new development at 235 West Broadway in Soho, the Observer reported.

The Toy Center, marketed by Eastdil Secured’s Doug Harmon and Adam Spies, is valued at $750 million and last sold for $480 million in 2007. The eventual price for Lehman’s 95 percent stake could set a “new benchmark for midtown south,” according to Real Capital Analytics’ Dan Fasulo.

Lehman hopes to liquidate its New York assets by September 2013, the Observer said.

Lehman has held off on selling assets en masse so far. While many financial firms held fire sales, it mostly waited for signs of recovery in the market. “Looking back on it, it was a smart thing to do because of pricing,” said Bill Elder of RXR Realty. [NYO]


Related Articles

arrow_forward_ios
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Drew Isaacson, who worked on a $447M sale at The Olivia, will move from a senior vice president role at SL Green to a senior vice president at role at Eastdil. (Google Maps, LinkedIn via Drew Isaacson)
Eastdil picks up acquisitions pro from SL Green
Eastdil picks up acquisitions pro from SL Green
Photo illustration of Benjamin Lambert (iStock; Getty/Illustration by Kevin Rebong for The Real Deal)
Ben Lambert’s legacy: Eastdil founder brought Wall Street to real estate
Ben Lambert’s legacy: Eastdil founder brought Wall Street to real estate
Eastdil Secured’s Ben Lambert (Getty)
Eastdil Secured founder Ben Lambert dies
Eastdil Secured founder Ben Lambert dies
Roy March, Eastdil Secured CEO
Eastdil Secured makes staffing cuts
Eastdil Secured makes staffing cuts
2 Grand Central and from left Rockwood Capital's Walter Schmidt, Robert Gray and Peter Falco (Credit: iStock)
Rockwood looks to get nearly $600M for Grand Central office tower
Rockwood looks to get nearly $600M for Grand Central office tower
Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 
These were the biggest broker comings and goings of 2019
These were the biggest broker comings and goings of 2019
Jonathan Firestone (Photo credit: Eastdil Secured)
Top Eastdil broker in LA heads to NY to boost capital markets team
Top Eastdil broker in LA heads to NY to boost capital markets team
arrow_forward_ios

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

Loading...