NEW YORK CITY-The shedding of Lehman Brothers Holdings Inc.’s commercial real estate assets continues to accelerate after the failed investment bank sold its interests in 1107 Broadway to the Witkoff Group for $191 million today. The transaction comes on the heels of Lehman’s sale of the International Toy Center Building at 200 Fifth Ave. earlier this month, which was previously the main Toy Center building, for $726 million.

Lehman received approval by US Bankruptcy Court Judge James Peck to send its liquidation plan to creditors for a vote, giving them a say in the matter after the bank filed for bankruptcy in September 2008, GlobeSt.com previously reported. Creditors now have until Nov. 4 to vote on the proposal, and Lehman will return to court in December to request approval of the plan.

Jeff Fitts, a managing director at professional services firm Alvarez & Marsal who heads Lehman’s real estate group, says the bank has followed a strategy of holding and investing in certain assets in order to achieve a better return post-2008. “It was clear to us that many of Lehman’s real estate assets had intrinsic value that would not be realized if they were sold in a fire sale in the depths of a recession,” Fitts says, in a statement. “As the sales of 1107 Broadway and 200 Fifth demonstrate, by holding these assets until the real estate market improved and investing in them when we believed those investments would yield significant returns, we have been able to achieve excellent results for our creditors.”