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In latest asset sale, Lehman Brothers lists UWS hotel
Defunct bank still unwinding its sizable real estate portfolio
Lehman Brothers listed the NYLO New York City hotel for sale last week.
Six years after going bust, the defunct bank continues to sell off its properties, according to Bloomberg News.
Lehman Brothers is reportedly looking for a new buyer, after investing $20 million in a renovation of the 291-room hotel at Broadway and 77th Street. Eastdil Secured’s Doug Harmon is marketing the hotel, which was re-named NYLO in October 2013.
A new owner can run a different hotel at the location, since the property is being sold separately from the NYLO brand, according to the news outlet.
As of June 30, the bankrupt investment bank still owned about $1.6 billion in real estate holdings. [Bloomberg News] — Claire Moses