Lehman Brothers Completes Sale of 1107
Successful Asset Management Strategy Creates Value for Lehman Creditors
September 27, 2011 05:31 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Lehman Brothers Holdings Inc. announced today that it has
completed the sale of its interests in 1107 Broadway, a 16-story former office building in Manhattan, to the Witkoff
Group. The purchase price for the building was $191 million.
1107 Broadway was formerly part of the International Toy Center. Its sale comes on the heels of the sale earlier this
month of 200 Fifth Avenue, which was previously the main Toy Center building, for $726 million.
“Since Lehman’s bankruptcy filing, we have followed a strategy, with creditors committee support and court
approval, of holding and investing in certain assets in order to achieve a better return than would have been possible
had we sold them in 2008 and 2009,” said Jeff Fitts, a managing director at professional services firm Alvarez &
Marsal who heads Lehman’s real estate group. “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. 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.”
The sale of the 305,000 square foot 1107 Broadway was a result of an auction coordinated by Eastdil Secured that
took place on June 29, 2011 and was previously approved by the bankruptcy court.
200 Fifth Avenue and 1107 Broadway, together comprising more than 1 million square feet, were known for years
as the International Toy Center, a hub for toy manufacturers and distributors in the United States. The American
International Toy Fair, the industry's major annual trade show, was held there each year.
Lehman Brothers Holdings Inc.
Kimberly Macleod, 646-285-9215
Linden Alschuler Kaplan Public Relations
Steven Alschuler, 212-575-4545
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