The majority interest in the former International Toy Center, located at 200 Fifth Avenue in Manhattan, is being sold by Lehman Brothers Holdings, to JPMorgan Asset Management. The stake in the commercial real estate property is being purchased for $700 million, Bloomberg reports. The sale comes three years after Lehman filed for bankruptcy.
The building has 260,000 square feet and is home to tenants such as Tiffany & Co. and Eaterly, an Italian food emporium. It was originally purchased by Lehman in 2007 for $480 million. However, signing Tiffany and other high-end tenants to a long-term lease allowed the property to regain value, the Wall Street Journal reports.
In the days before it's September 2008, bankruptcy - the largest in U.S. history, according to Bloomberg - Lehman listed its real estate assets at $23 billion. The properties had dropped in value to $14 billion a mere nine months later.