Lehman Brothers | The Real Deal New York

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Lehman Brothers

1271 Sixth Avenue
New York, NY 10020
(646) 285-9000
Website
inquiry@lehman.com

Lehman Brothers was one of the nations largest banks until its collapse in September 2008, which triggered the Great Recession.

Once referred to by The New York Times as the real estate ATM, the Manhattan-based firm that dated to the mid-19th century was before its demise one of the most active players in the New Yorkand nationalproperty market. Lehman partnered with Tishman Speyer on its $22.2 billion takeover of apartment behemoth Archstone-Smith in 2007. Before that, its borrowers included Steven Witkoff on the Woolworth Building in 1998 and Aby Rosen and Michael Fuchs on both Lever House and the Seagram Building. The bank also lent heavily in the equally doomed subprime-mortgage market.

Even after its 2008 collapse, Lehman continued to haunt New York real estate, as it divested itself of holdings and left other institutions skittish about lending too generously. The firm was led by chairman and CEO Dick Fuld when it went out of business. -TA


10/12/18
...had stepped out to digest some worrying news: Lehman Brothers, the financial behemoth backing two of his most important projects, might file for bankruptcy...

09/20/18
...Grand Central Terminal that the fund purchased from Lehman Brothers Holdings. (Lehman was part of an investor group that paid $76.5 million for the terminal...

09/19/18
...those who bought in the two years before Lehman Brothers’ bankruptcy filing and sold later saw that kind of gain. Despite the concentration of...

09/04/18
...worth more than $1 billion. But five months after Lehman Brothers went under, they had plummeted to around $500 million. Across the country, tumbling real estate...

...worth more than $1 billion. But five months after Lehman Brothers went under, they had plummeted to around $500 million. Across the country, tumbling real estate...

07/26/18
...one day they were walking past the former Lehman Brothers building at 745 Seventh Avenue when she expressed concern about the future of the city...

...One Times Square changed hands several times; in 1997, Lehman Brothers sold the building to Jamestown for $177 million. Rosario Candala 1929: Park Avenue co-op project kicks...

06/12/18
...capital into the property. They bought it from Lehman Brothers Holdings in 2013 for $800 million, and sunk $100 million into a renovation. Morgan Stanley and Societe...

05/25/18
...U.S. institutions such as Bear Stearns and Lehman Brothers — suddenly faced default as a result of their investments in U.S. mortgage-backed securities...

04/24/18
...to condominiums before defaulting on his mortgage with Lehman Brothers in 2009. LCOR, which at the time was majority owed by Lehman, brought the rentals...

04/11/18
...for a Wall Street property two months after Lehman Brothers went under? According to one theory put forward by several sources, China Sonangol was...

04/09/18
...in 2013. Thomas, who came to the REIT from Lehman Brothers Holdings — where he helped the underwater firm unravel its real estate assets — is 54. Related...

04/02/18
...for a Wall Street property two months after Lehman Brothers went under? According to one theory put forward by several sources, China Sonangol was...

...for a Wall Street property two months after Lehman Brothers went under? According to one theory put forward by several sources, China Sonangol was...

03/27/18
...call the building home. Current residents include former Lehman Brothers executive Robert Millard and Fox News host Kimberly Guilfoyle. It has also been home...

03/21/18
...Democrats. He then became chairman of investment bank Lehman Brothers and helped guide it through a rough patch in the 1970s. After 11 years at...

03/15/18
...its start nine years ago when five former Lehman Brothers executives bought the failed bank’s private-equity arm, Lehman Brothers Merchant Banking, out of...

02/23/18
...went to work in corporate real estate for Lehman Brothers, where he led the partnership with Tishman Speyer on the developer’s $1 billion bid...

01/18/18
...the last quarter of 2008 (after the collapse of Lehman Brothers), according to Bloomberg. The discounts may have helped spark some movement in the high-end...

12/31/17
...to be lower than they were in 2008 when Lehman Brothers collapsed. In an environment like this, all brokers come under scrutiny -- including the...

12/07/17
...office building to condominiums, but defaulted on a Lehman Brothers mortgage in 2009. LCOR, then majority owned by Lehman Brothers, brought rentals online on behalf...

11/13/17
...when Mark Walsh and Masood Bhatti — two former Lehman Brothers executives who had joined the real estate fund manager Silverpeak — introduced them to Bianco...

11/03/17
...firm that manages the family wealth of former Lehman Brothers CEO and Blackstone Group co-founder Peter Peterson is moving its offices to A Pricy...

...when Mark Walsh and Masood Bhatti — two former Lehman Brothers executives who had joined the real estate fund manager Silverpeak — introduced them to Bianco...

10/26/17
...momentous one. It was Sept. 15, 2008, the day that Lehman Brothers collapsed. “Everyone was in the conference room, watching the world fall apart -- but...
  • Event Sales
  • Building Name Grand Central Terminal
  • Address 89 East 42nd Street
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 140,000
  • Price $ 63,000,000
  • Price per foot $ 450.00
  • Publication Date 09/01/2016
  • Event Date 07/15/2016
  • Party 1 Lehman Brothers
  • Party 2 MSD Capital
notes
The company bought a stake in Grand Central Terminal for $63 million.
  • Event Sales
  • Address 2178 Broadway
  • Neighborhood Upper West Side
  • Borough Manhattan
  • Price $ 140,000,000
notes
The hotel sold for $140 million or $500,000 per key.
  • Event Sales
  • Address 448-452 11th Avenue
  • Neighborhood Hell's Kitchen
  • Borough Manhattan
  • Price $ 35,000,000
  • Publication Date 11/01/2013
  • Event Date 09/17/2013
  • Party 1 Lehman Brothers
  • Party 1 Brokerage HFF
  • Party 1 Broker Andrew Scandalios, Jose Cruz, Jeff Julien, Kevin O'Hearn
  • Party 2 David Marx
  • Event Sales
  • Building Name 448-452 11th Avenue
  • Address 452 11th Avenue
  • Neighborhood Hudson Yards
  • Borough Manhattan
  • Price $ 35,000,000
notes
The development site sold for $35 million.
  • Event Sales
  • Address 448 11th Avenue
  • Neighborhood Hudson Yards
  • Borough Manhattan
  • Price $ 30,000,000
notes
The property sold for about $30 million, Crain's reported.
  • Event Sales
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,200,000
  • Price $ 810,000,000
  • Price per foot $ 675.00
notes
The property sold for $810 million, Crain's reported. The buyer plans to renovate the building.
  • Event Sales
  • Address 325 West Broadway
  • Neighborhood Soho
  • Borough Manhattan
  • Square feet 61,416
  • Price $ 38,350,000
  • Price per foot $ 624.43
notes
The development site sold for $38.35 million. The current plan for the development, to be located at 325-329 West Broadway and 23-25 Wooster Street, calls for a two-building, 24-unit condo with ground-floor retail.
  • Event Office Leasing
  • Address 100 Wall Street
  • Neighborhood Seaport
  • Borough Manhattan
  • Square feet 19,647
notes
The tenant signed a lease renewal. James Giddens was selected by the Securities Investor Protection and appointed by the U.S. District Court for the Southern District of New York to handle the liquidation of Lehman Brothers Inc. in 2008.
  • Event Sales
  • Address 1107 Broadway
  • Neighborhood Flatiron
  • Borough Manhattan
  • Price $ 191,000,000
notes
The purchase of the building, a part of the former International Toy Center, closed for $191 million, following a bankruptcy auction in June. The new ownership is planning a $290 million condo conversion, featuring 145 units, in collaboration with a Morgan Stanley real estate fund.
  • Event Office Leasing
  • Address 1271 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 150,000
notes
The bankrupt financial services entity signed a new sublease for floors 35, 38 and 40, and parts of the 39th and 46th floors. Lehman previously cancelled a sublease it had signed in 2007 for 500,000 square feet in the building.
  • Event Office Leasing
  • Address 399 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 13,300
  • Price per foot $ 80.00
notes
The private equity fund established by former Lehman Brothers bankers signed a four-year lease for part of the 15th floor.
  • Event Office Leasing
  • Address 1 World Financial Center
  • Neighborhood Battery Park City
  • Borough Manhattan
  • Square feet 18,000
  • Price per foot $ 48.00
  • Publication Date 12/01/2008
  • Event Date 10/22/2008
  • Party 1 Richards Kibbe & Orbe
  • Party 1 Brokerage GVA Williams Real Estate
  • Party 1 Broker Ted Rotante
  • Party 2 Oberon Media
  • Party 2 Brokerage CBRE
  • Party 2 Broker Brad Gerla, Michael Higgins
notes
The software developer signed a two-and-a-half-year sublease for part of the 27th floor. Law firm Richards Kibbe & Orbe had been subleasing the space from Lehman Brothers.
  • Event Office Leasing
  • Address 1271 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 400,000
notes
Lehman Brothers signed for the space under a sublease from Time Inc. in a long-anticipated deal.
  • Event Sales
  • Address 545 Madison Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 140,000
notes
A 75-year ground lease was structured for the vacant building. LCOR and its partners intend to undertake a gut renovation of the property, with construction expected to begin in early 2007. Occupancy is slated for spring 2008. Price n/a.
  • Event Sales
  • Address 5 East 44th Street
  • Neighborhood Grand Central
  • Borough Manhattan
  • Price $ 12,000,000
notes
The property, which sold for $12 million, will be developed into a 20-unit luxury residential condominium with ground-floor retail. Lehman Brothers was responsible for the financing.
  • Event Sales
  • Address 425 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
notes
The 85-year ground lease was sold. Price n/a.
  • Event Sales
  • Address 1211 Sixth Avenue
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 1,900,000
  • Price $ 1,500,000,000
  • Price per foot $ 789.47
notes
The 45-story office tower, which occupies the entire block between 47th and 48th streets, sold for approximately $1.5 billion, or $800 per square foot. Asking rents in the building, which is 53 percent leased to News Corp. and 13 percent leased to law firm Ropes & Gray, are rumored to be $60 to $90 per square foot. Jamestown, which acquired the property in 1999 for $600 million, will recognize a gain of nearly $1 billon on the deal.
  • Event Sales
  • Building Name The Bertelsmann building
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 1,100,000
  • Price $ 560,000,000
  • Price per foot $ 509.09
notes
The building, primarily tenanted by Viacom and Bertelsmann, is being sold for $820 million, or $745 per square foot. The acquisition will occur in two parts. Equity Office Properties and Lehman Brothers will acquire the 900,000-square-foot office section, while Vornado will acquire the retail components (see below). The office section sold for approximately $560 million, or $622 per square foot. The building was acquired by the Paramount-Principal joint venture in mid-2004 for approximately $420 million, which equates to a profit of $400 million.
  • Event Office Leasing
  • Address 1301 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 160,000
notes
Investment bank will be expanding in the building. It had expanded by 90,000 square feet during 2005.
  • Event Retail Leasing
  • Address Lehman Brothers Building
  • Neighborhood Theater District
  • Borough Manhattan
  • Square feet 1,000
notes
Chocolatier takes corner retail space for 10 years
  • Event Retail Leasing
  • Building Name Lehman Brothers Building
  • Address 745 7th Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 1,000
notes
Chocolatier takes corner retail space for 10 years
  • Event Retail Leasing
  • Address 745 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 3,200
notes
10-year lease for English clothing Company's second NYC store
  • Event Retail Leasing
  • Address 745 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 1,000
notes
High-end chocolatier takes space
  • Event Sales
  • Building Name Rihga Royal
  • Address 151 West 54th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Price $ 183,000,000
notes
$40M in renovations planned
  • Event Sales
  • Address Park Central Hotel
  • Neighborhood Midtown
  • Borough Manhattan
  • Price $ 200,000,000
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12/27/16
...loan replaced a $400 million CMBS loan issued by Lehman Brothers and Goldman Sachs back in 2006. Following Lehman’s bankruptcy that loan had passed through...

...said was a post-9/11 rate. In 2009, following the Lehman Brothers collapse, he locked in 40,000 square feet at 575 Lexington Avenue. “Things can get bad very...

...suggested. The home’s last buyer did: Former Lehman Brothers co-COO Bradley Jack and then-wife Karin bought the estate for $24.4 million in March 2001. In...

...mid-sized firms in 2013. The portfolio, formerly owned by Lehman Brothers, sold in six separate transactions for an aggregate of $139 million. “Breaking it into smaller...

...Germany’s Hypo Real Estate Holdings which, like Lehman Brothers, another big lender in the past, collapsed during the financial crisis. “We still don...

...lucrative. In March, Eastdil signed a deal with Lehman Brothers Holdings to provide advisory services as it disposed of assets in bankruptcy. The failed...

...office space to other companies. Just weeks after Lehman Brothers Holdings filed for bankruptcy, financial institutions like MetLife, Citigroup and Bank of America dumped...

...Click to enlargeAs everyone knows, the Lehman Brothers bankruptcy and the economic chaos that followed wreaked havoc on the Manhattan commercial market...

...Yorkers’ memories as the day the investment bank Lehman Brothers collapsed, shredding confidence in the economy and shoving stock prices — and apartment prices — off...

...rates than Downtown, as companies like the now-defunct Lehman Brothers and Bear Stearns, as well as others like Citibank, dumped space on the market...

...the project entered the market long before the Lehman Brothers crash. Another red flag is a large number of units in contract but few...

...catalogued, time and again. Even in 2008 -- before Lehman Brothers fell and the recession tightened its stranglehold on the city -- records were toppled...

...their old spaces. Cadwalader took over space from Lehman Brothers (who were represented by CB Richard Ellis), but the deal was eventually completed not...

...future site of the New York Stock Exchange. Lehman Brothers is also offering 372,000 sf of space for sublease at 1 World Financial Center. Net absorption...