NEW YORK CITY-Monday Properties has been appointed by Lehman Brothers Holdings Inc. as the exclusive managing agent for 237 Park Avenue – a 21-story, 1.25 million square-foot trophy office building located near Grand Central Terminal. But shortly after the announcement was made, questions are arising if a new tower will be built on the land, according to the New York Post.

Monday Properties–which owns the building’s nearby neighbor, the iconic 230 Park Avenue tower–has a long history with 237 Park Avenue.  It managed 237 Park from 1999 to 2009, initially as the managing agent, and then purchased the property in 2003 and leased over 325,000 square feet.

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