When real estate executive David Sigman first walked into 25 Broad Street, about a year after Lehman collapsed, it was a funhouse of pre-2008 distractions: the lobby unfolded with yards of purple carpeting ringed by red circles into a would-be night club with dozens of crystal chandeliers and a mauve-color spa/yoga room. Most striking of all were the matching royal portraits of developer Kent Swig and his soon-to-be ex-wife, Liz Macklowe.

The Observer recently reported that the first 10 apartment tenants had signed at 25 Broad, bringing the failed condo conversion back to life as a rental—and Lehman Brothers, twitching, back with it.

Not even three years after the bank’s collapse took the economy with it, Lehman, through its holding company, lives on, a rosy zombie quietly looking to make a small fortune off prime New York properties, and maybe—just maybe—pay off some creditors. Read More