Like hovercars and x-ray glasses, were the plans for 1107 Broadway, one of the former International Toy Center buildings, just too cool to actually become real? The condo conversion/Curbed crush was supposed to include a bowling alley and basketball court and an eight-story addition from architect John Pawson. As recently as December, the project was in stalled site purgatory but foreclosure still seemed unlikely. Turns out a lot can change in four months! Now The Real Deal and Bloomberg report Lehman Brothers Holdings (those guys again?) has sued to foreclose on the project because developer Yitzhak Tessler failed to repay Lehman's $136.8 million loan. The project's also facing a two-year backlog of mechanic's liens. So we shouldn't order our own bowling shoes yet?
· Lehman sues Tessler at Toy Building [Real Deal]
· Lehman seeks to foreclose on Manhattan condo project [Bloomberg]
· 1107 Broadway coverage [Curbed]