Lehman sells second part of former International Toy Center for $190M

New York /
Jun.June 30, 2011 01:37 PM
From left: Steve Witkoff, Howard Lorber and 1107 Broadway

Lehman Brothers has reached a deal to sell the in-default debt on 1107 Broadway to the Witkoff Group and Howard Lorber’s Vector Group for about $190 million, the New York Post reported.

The deal, determined at auction yesterday, comes just days after Lehman sold its majority ownership stake in 200 Fifth Avenue, located between 23rd and 24th streets, to JPMorgan Chase. The two buildings, connected by a footbridge, make up what used to be the International Toy Center.

“We think it is one of the great opportunities we’ve seen,” Steve Witkoff, CEO of the Witkoff Group, told the Wall Street Journal.

Witkoff, who has 90 days to finalize the deal at 1107 Broadway, between 24th and 25th streets, said he plans to turn the building into high-end condominiums. The 375,000-square-foot Broadway building will also include about 20,000 square feet of retail.

Lehman originally planned to turn 1107 Broadway into condos as well, but the project never got off the ground after Lehman lent $300 million to a venture led by Tessler Developments. [WSJ] and [Post]  


Related Articles

arrow_forward_ios
From left: Jamie Dimon, chief executive officer, JPMorgan Chase and Don Peebles, chief executive officer, The Peebles Corporation (Getty Images, KPFF Consulting Engineers/Illustration by Steven Dilakian for The Real Deal)
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
Top banks keeping NYC employees home from Wall Street amid Covid surge
Wall Street banks keeping NYC employees home as Covid surges
Wall Street banks keeping NYC employees home as Covid surges
Vector CEO Howard Lorber (iStock, Getty)
Goodbye Vector, hello public: Douglas Elliman makes NYSE debut
Goodbye Vector, hello public: Douglas Elliman makes NYSE debut
Steve Witkoff of Witkoff Group, Len Blavatnik of Access Industries and the XI (Getty, TheXI)
Witkoff and Access Industries buy HFZ’s languishing XI condo project
Witkoff and Access Industries buy HFZ’s languishing XI condo project
Here are the top five largest project plans in NYC in 2021
These were the five largest development plans filed in NYC in 2021
These were the five largest development plans filed in NYC in 2021
The Real Deal’s Erin Hudson with Property Markets Group’s Kevin Maloney, Crescent Heights’ Russell Galbut, Kushner Companies’ Nikki Kushner Meyer and Witkoff Group’s Steve Witkoff
WATCH: National developers talk location scouting at TRD event
WATCH: National developers talk location scouting at TRD event
Richard Lampen and Howard Lorber
Public relations: What’s next for an independent Douglas Elliman?
Public relations: What’s next for an independent Douglas Elliman?
Dov Hertz lands $442M loan for Sunset Park warehouse project
Dov Hertz lands $442M loan for Sunset Park warehouse project
Dov Hertz lands $442M loan for Sunset Park warehouse project
arrow_forward_ios

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

Loading...