Thick black slabs of plywood encase what some call North America's most valuable development site. The location of the onetime Drake Hotel, now a rubble-strewn yard at Park Avenue and 56th Street, is literally a black box.
A black box to everyone, that is, except Harry Macklowe. Barely two years after his fortune was nearly Read More
Harry Macklowe—the self-made real estate tycoon whose ill-fated $7 billion 2007 purchase of a portfolio of New York skyscrapers rendered him a symbol of the perils of overleveraging—is trying to reassert some control.
Mr. Macklowe is competing against fellow tycoon Douglas Durst, among others, in a bid to buy back the mortgage on one of his Read More
When Worldwide plaza was completed in 1989, the West Side conjured thoughts of West Side Story, not high-end office space.
Fast-forward 20 years, and the sale of Worldwide Plaza—the 47-story granite and brick edifice that towers above Hell’s Kitchen, spanning 49th and 50th streets and Eighth and Ninth avenues—has been 2009’s biggest New York City building Read More
As conditions in Manhattan’s commercial market grow grimmer, one question continues to dog investors: Where’s the debt and how can I break me off a piece?
The Manhattan office market dropped 22.9 percent between the second quarters of 2008 and 2009, according to the Moody’s/REAL Commercial Property Price September Indices, compared to 30.1 percent regionally and Read More
Good-bye to all that.
Last week’s news that a deal had been cut for the sale of Worldwide Plaza marks the coda of Harry Macklowe’s investment adventure. It began in the heady days of early 2007, when his Macklowe Properties—and various lenders—bought seven Manhattan towers via Blackstone and Sam Zell’s Equity Office Portfolio for over Read More
“They’re a mortgage REIT and they need cash,” said the source. “The development is not going anywhere today. It’s in default. It’s not paying interest currently.” Read More
According to The Real Deal:
The move puts Macklowe Properties a step closer to full control Read More
According to the report:
"The suit seeks to Read More
His father Harry has been named Chairman Emeritus of Read More
At 4:38 p.m., a deed hit city records marking a $690 million transaction between Mr. Zuckerman's group and Macklowe Properties, the former owner of the Read More
Mr. Zuckerman's Boston Properties, along with partners including Goldman Sachs, negotiated the purchase of the Macklowe Properties building late last month in a deal that valued it at Read More
We visited the GM Building after the deal was negotiated over Read More
Whew, done already? Macklowe Properties has closed on eight EOP buildings for $7 billion. Harry Macklowe swept in and bought the buildings from Blackstone. The only building not included? 1095 Avenue of the Americas. Release after the jump. - John Koblin MACKLOWE PROPERTIES BUYS EIGHT MANHATTAN OFFICE BUILDINGS FROM EOP COMPRISING 6.5 MILLION SF OF Read More
WALL STREET'S LOBBYEST LOBBYISTS
