Macklowe Watch: First Round

The first round of bids are due today for Harry Macklowe's GM Building at 767 Fifth Avenue. Who will bid?

Just to bring you up to speed: Mr. Macklowe, one of the most well-known developers and landlords (and one of the most controversial) in New York since the 1980's bought seven Manhattan office buildings last winter for nearly $7 billion. He put up a very small amount of that money himself and borrowed the rest, including $1.2 billion, which he personally guaranteed and which happens to be about half the current market value of the GM Building. So... here we are.

And just a quick, rather poignant aside. According to Fortune magazine, the young Mr. Macklowe--he's now 70--had, as a young commercial broker in New York, watched the GM Building's 50 stories go up in the 1960's at the southeast corner of Central Park. According to an old colleague: "Harry's goal was always to own the GM Building."