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Lehman Sells Interest in 1107 B’Way for $191M

NEW YORK CITY-The fallen investment bank is continuing to shed its Manhattan portfolio by selling the 16-story building to the Witkoff Group.

By Jacqueline Hlavenka | Updated on September 28, 2011

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.

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