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1107 Broadway

According to Forbes, Lehman Brothers Holdings Inc. completed the sale of its ownership percentage in 1107 Broadway (between 25th and 26th street) to the Witkoff Group.

Earlier reports stated that Witkoff Group will partner with a Morgan Stanley real estate fund to develop 145 luxury condo apartments in the 16 story building.

Read more at www.forbes.com/feeds/ap/2011/09/27/real_estate-financials-us-lehman-brothers-real-estate-sale_8704391.html

The building is right off Madison Square Park, which has seen explosive growth in the last decade, and become a hub for dining in New York City, startups, and fashion designers. Over the last few years entertainment and internet startups (Zynga, GroupMe, Bonobos), fashion design houses like Vera Wang, interactive ad agencies, and the headquarters of many prestigious companies  have moved to the park vicinity (the Whitney museum, Tiffany & Co., Chipotle, and Grey Group). Not to mention the Italian artisinal marketplace Eataly (adjacent to this building). Other luxury condos have also been developed on the perimeter of Madison Square Park in the last 6 years including the Grand Madison (225 5th Avenue), Madison Square North (15 East 26th Street), and One Madison Park (23 East 22nd Street).

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