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The New York Observer

Silverstein Bids on Macklowe's Credit Lyonnais Building

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April 30, 2008 | 5:12 p.m
Larry Silverstein<br /> (Joe Fornabiao)
Larry Silverstein
Joe Fornabiao

Fifteen minutes ago was the deadline for developers to bid on one of Manhattan's prime trophy properties -- 1301 Avenue of the Americas, also known as the Credit Lyonnais Building, at the corner of 52nd Street.

The cloud-buster is one of the seven so-called "Equity Portfolio" properties that beleaguered mogul Harry Macklowe bought last year for $7 billion (in those bubbly days, he only had to put down $50 million of his own money). Now those same properties are on the auction block, in a market where there are relatively few big-time buyers with the requisite financing and bullishness to even consider such a purchase.

Larry Silverstein is one developer who did bid on the property, according to a well-placed source. Rumor on the street is that Vornado bid on it, too. A Vornado spokeswoman declined to comment.

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