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
JPMorgan CEO Jamie Dimon and 270 Park Avenue (Getty, Google Maps)
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
David Wolkoff of G&M Realty. (Getty, 5Pointz LIC)
Wolkoff family firm snags $350M loan for 5Pointz
Wolkoff family firm snags $350M loan for 5Pointz
The “flexible hybrid model” is set to debut in July in North America (iStock)
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
Howard Lorber and Steve Witkoff (Getty, iStock)
Lorber, Witkoff launch $250M SPAC
Lorber, Witkoff launch $250M SPAC
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Charles Koch of Koch Real Estate Investments and 2777 South Las Vegas Boulevard (Getty, iStock)
Koch buys Las Vegas casino development
Koch buys Las Vegas casino development
The Woolworth Building at 233 Broadway (Getty)
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)
LBA lands $316M loan for Amazon warehouse in Maspeth
LBA lands $316M loan for Amazon warehouse in Maspeth
arrow_forward_ios

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

Loading...