After 8 Years, Lehman Brothers Sells Off Last Real Estate Holding
Lehman Brothers finally unloaded the last of its real estate investments—eight years after its bankruptcy.
The failed firm sold off the NYLO New York City hotel on Broadway and 77th Street to Ashkenazy Acquisition Corp, according to a person with knowledge of the sale, Bloomberg reports. The firm paid around $140M for the 291-room property, adding the NYC hotel to its portfolio alongside Boston’s Faneuil Hall Marketplace and retail locations in DC’s Union Station.
Despite the sale, Lehman Brothers should still have some $400M left in commercial real estate assets, according to bankruptcy court filings. [Bloomberg]