Archstone Nabs $131M NY Building Amid Suitor Battle

Law360, New York (December 13, 2011, 2:03 PM EST) -- Archstone has bought a high-rise residential building in New York for $131 million, the company said Tuesday, even as real estate tycoon Sam Zell and the estate of Lehman Brothers Holdings Inc. are gearing up for a battle over the value of the apartment owner and operator.

Archstone, which is 47 percent owned by the Lehman Brothers estate, purchased the 209-unit high-rise apartment building in Manhattan from New York firms Madison International Realty LLC and RFR Holding Corp., according to a statement. The firm said it made the...
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