Lehman affiliate building sale delivers significant value to creditors

By Caroline Salls

Pittsburgh, Oct. 28 - An entity controlled by an affiliate of Lehman Brothers Holdings Inc. completed the sale of New York office building 237 Park Avenue to affiliates of RXR Realty and Walton Street Capital, LLC, according to a Lehman news release.

Lehman said the sale of 237 Park Avenue was made possible by several years of restructuring debt secured by the property followed by a mezzanine foreclosure.

The sale enabled Lehman to capitalize on strong current demand for commercial real estate in New York City and to deliver significant value to its creditors, the release said.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company emerged from bankruptcy on March 6, 2012.

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