JPMorgan buys Lehman’s stake in 200 Fifth

TRD New York /
Jun.June 27, 2011 12:22 PM

Lehman Brothers has sold its 90-plus percent stake in the former International Toy Center at 200 Fifth Avenue to JPMorgan Chase, in a deal that values the building at $700 million, according to the Wall Street Journal. Lehman had reportedly been shopping the building at the corner of 23rd Street that it bought for $480 million in 2007 through Eastdil Secured’s Adam Spies and Doug Harmon. At one point it appeared the failed investment bank would lose millions on the building as it struggled through vacancies in 2009. But an expensive interior upgrade and improving market helped lure tenants like Eataly and Tiffany & Co. to the building, instantly raising the building’s profile. It’s unclear whether the costly revamp sucked all potential profit from the trade. The Journal said that managers at the bank used the building’s turnaround as vindication for their strategy to hold on to real estate holdings through the downturn, even as a foreclosure auction is scheduled Wednesday for the property next door, 1107 Broadway. L&L Holdings entered a $161.5 million stalking-horse bid for it in June. [WSJ]


Related Articles

arrow_forward_ios
The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

Clockwise from top left: The Watchtower building at 25 Columbia Heights, Long Island University at 1 University Plaza, The Rheingold at 10 Montieth Street and 871 Bushwick Avenue in Brooklyn (Credit: Wikipedia and Google Maps)

These were the top 10 outer borough loans last month

Banks see uptick in mortgages, but remain wary ahead of potential Fed interest rate cut

Clockwise from top left: 54 Crown Street, 451 10th Avenue, 46-09 69th Street and 270 Park Avenue (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

Mack Real Estate Group's Richard Mack and JPMorgan's Jamie Dimon with a rendering of 123 Melrose Street (Credit: Getty Images and ODA Architecture)

Yoel Goldman sews up long-term funds for Rheingold Brewery Project

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

45 Main Street in Brooklyn and Two Trees principal Jed Walentas

Two Trees lands $85M refi for Dumbo’s
45 Main Street

 270 Park Avenue and JPMorgan Chase CEO Jamie Dimon (Credit: Google Maps and Wikipedia)

City Council gives green light for JMorgan’s new headquarters in Midtown East

arrow_forward_ios