Mort Zuckerman | The New York Observer

GM Building May Drop 'GM' Moniker

Thu, 12 Jun 2008 11:17:34 -0400

The GM Building, the tower that Mort Zuckerman's Boston Properties this week closed on for a record-breaking $2.8 billion, may no longer be known as the GM Building.

Just minutes ago, in a Boston Properties investors conference call to discuss the acquisition, president Douglas Linde said the GM Building's name may officially change, since General Motors -- which moved its headquarters there 40 years ago --is moving its remaining three floors, more than 100,000 square...

Zuckerman Would Be Crazy To Run for Mayor, Zuckerman Says

Thu, 12 Jun 2008 08:26:16 -0400

Boston Properties chairman Mort Zuckerman appeared on Fox Business Channel on Wednesday. He talked about his record buy of the GM Building, the development at the World Trade Center site, and the foreign investment in city real estate. He also, apropos of nothing (as far as we can tell), took himself out of the 2009 mayoral campaign:

“If you ever hear anybody or me talking about that, you have the right to send me...

Chasing The Why of The GM Building Deal

Wed, 11 Jun 2008 11:27:20 -0400

My colleague Dana Rubinstein has inside details about the record GM Building deal in today's Observer.

The Wall Street Journal asks the burning question: Why did Mort Zuckerman and partners pay so much for a tower where most of the leases are locked in for several more years?

"There could be a really compelling story for why they are buying this thing," says Dean Frankel, portfolio manager of Urdang Securities Management, which held just fewer...

Zuckerman Exhales: GM Building Deal Closes

Tue, 10 Jun 2008 19:31:26 -0400

“I got great sleep last night,” Mort Zuckerman said on Tuesday afternoon, the day after he and his partners closed on the most expensive single-building purchase ever. Nine hours of sleep, no less.

As chairman of Boston Properties, Mr. Zuckerman on Monday closed on the $2.8 billion purchase of the General Motors Building, New York City’s most coveted trophy tower in a city teeming with trophy towers. The precise closing happened at...

City Deeds Suggest a Finished GM Building Deal

Mon, 09 Jun 2008 17:33:31 -0400

Early on Tuesday afternoon, Mort Zuckerman told a REBNY luncheon that he and his partners were closing on the approximately $2.8 billion purchase of the GM Building "as we speak."

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 GM Building, for the office tower at 761 Fifth Avenue (an address for the GM Building). Another deed, for a...

Zuckerman Unbound

Mon, 09 Jun 2008 15:13:26 -0400

Mort Zuckerman, the jack of New York trades who, as chairman of Boston Properties, is today closing on the purchase of the GM Building, gave yet another rendition of his gloomy-as-hell take on the U.S. economy to a crowd of brokers at a Real Estate Board of New York luncheon at the Sheraton on Seventh Avenue.

But it wasn't without a sizeable dose of humor, and not without touching on subjects as varied...

Zuckerman: GM Building Deal 'Closing As We Speak'

Mon, 09 Jun 2008 13:34:13 -0400

The GM Building sale is "closing as we speak." That's according to Mort Zuckerman, who is addressing a Real Estate Board of New York luncheon this afternoon.

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 around $2.8 billion. It's the most expensive building sale ever....

GM Building Deal Could Close Next Week, FAO Schwarz May Get Booted

Thu, 05 Jun 2008 12:38:00 -0400

Mort Zuckerman doesn't screw around.

His Boston Properties could close as early as next week on its $2.8 billion purchase of the GM Building, according to Reuters.

Just as intriguing, Reuters is reporting that Boston Properties is considering buying out the remainder of FAO Schwarz's lease on the ground floor, and the leases of other below-market tenants:

Toy store FAO Schwarz also may not be long for the location. It pays $70.63 per square...

The Local: GM Building, One Week After

Thu, 29 May 2008 18:44:43 -0400

The first few days after the biggest U.S. building sale ever was inked, things at the GM Building were “pretty much routine” in the words of one doorman, save for the presence of a few unofficial, four-legged tenants seen scampering among the stuffed animals at FAO Schwartz.

Not many people who work at the GM Building appeared to notice that Harry Macklowe had hammered out a deal with Mort Zuckerman and partners on Saturday to...

Zuckerman on The Credit Crisis

Mon, 26 May 2008 12:34:15 -0400

Here's a clip from January of Mort Zuckerman, a regular on The McGlaughlin Group (we're surprised, too).

Mr. Zuckerman's comments on the credit crisis and how that helped tank the economy seems today especially relevant and perhaps a bit ironic, given how all that played into his acquisition over the weekend of Harry Macklowe's GM Building and three other Midtown towers.

When he says, "we were way over-leveraged," we know he's talking about the American...

Zuckerman on Zuckerman The Landlord

Mon, 26 May 2008 11:37:29 -0400

GM Building buyer Mort Zuckerman sat down last October with The Observer's John Koblin to talk shop, particularly real estate (and some media--the Daily News publisher doesn't care much for the American press).

Here's what Mr. Zuckerman had to say about why he does what he does as chairman of Boston Properties:

So you’re saying you’re happy?

Very happy. I love the business, I love the creation of the buildings and all the agonies you...

Zuckerman and Partners Buying GM Building for $2.9 B.

Sat, 24 May 2008 18:54:57 -0400

A group led by Boston Properties chairman and Daily News publisher Mort Zuckerman is set to buy the GM Building from the embattled Harry Macklowe for about $2.9 billion, according to a Saturday morning announcement from Mr. Zuckerman's firm. (The announcement can be read here.) It is the biggest building sale in U.S. history, trumping the $1.8 billion deal for 666 Fifth Avenue, which closed in early 2007.

Mr. Zuckerman's group, which includes Goldman Sachs...

Mort Rains on PR Parade with Predictions of Doom and Gloom

Fri, 23 May 2008 12:23:12 -0400

Mort Zuckerman, owner of The Daily News and aspiring owner of the GM Building, offered one depressing prediction after another about the U.S. economy during his keynote address at the New York Chapter of the Public Relations Society of America's 21st annual Big Apple Awards on Thursday night at the Rainbow Room.

According to a wry (and rather brilliantly written) press release, available here, Mr. Zuckerman was a bit of a downer:

With an oracular air,...

Tick-Tock, Tick-Tock: Still No Macklowe-Zuckerman Announcement, Despite Reports

Fri, 23 May 2008 11:23:59 -0400

Still waiting...

Two days after the New York Post declared an announcement was imminent about Mort Zuckerman's effort to buy Harry Macklowe's GM Building (and assorted other towers), we're still waiting.

"[W]e should learn all of the details today, when the pact is due to be announced," the Post reported on Wednesday.

Sorry to sound so impatient, but what a tease!

We'll touch base later....

No Macklowe-Zuckerman Announcement, Despite Reports

Thu, 22 May 2008 09:41:32 -0400

"[W]e should learn all of the details today, when the pact is due to be announced," the New York Post declared on Wednesday, referring to the ongoing negotiations between Mort Zuckerman's Boston Properties and Harry Macklowe over the fate of his beloved GM Building and four other Manhattan towers.

But, like with much of the Macklowe saga, now in its fourth month, fresh news remained scarce. Yesterday passed with nary a peep from Mr. Macklowe...

The Macklowe Deals: What We Know (and Don't Know)

Wed, 21 May 2008 16:06:44 -0400

Harry Macklowe, the troubled real estate mogul desperately trying to extricate himself from a morass of debt obligations by selling off stakes in his GM Building, the Equity Office portfolio he bought from Blackstone last year, and other Manhattan properties, is back in the news.

The New York Post ran big today with the headline, “Macklowe finds a way out,” with the Wall Street Journal running a...

At Arianna's Big Book Bash, Moguls Mingle But Mum's the Word on Murdoch and Newsday

Sun, 11 May 2008 08:04:18 -0400

Arianna Huffington made The New York Times on Friday morning for a blog post she wrote on her Web site about John McCain. In that post Ms. Huffington wrote that a few years back McCain told her at a dinner party that he did not vote for George W. Bush in 2000. This made McCain look like a hypocrite, and his campaign responded by calling Ms. Huffington “a flake and a poser and an...

At Big Time 100 Bash, Rupert Murdoch Plays it Cool

Fri, 09 May 2008 07:08:48 -0400

Rupert Murdoch was standing in a deep corner of the Rose Hall at about 7:30 p.m. last night to toast his fellow influencers: It was the Time 100 celebration, an event that drums up publicity for the magazine's decreasingly influential list of the 100 most influential people in the world.

The day before, Mr. Murdoch had promised investors and reporters listening in on a News Corp. investors' call that he'd prevail in his purchase of...

The Dolans Expected to Make $650 Million Bid for Newsday

Thu, 01 May 2008 09:50:47 -0400

It's officially a horse-race for the tabloid in a tutu.

Madison Square Garden and Cablevision overlords Charles and James Dolan will make a $650 million bid for Newsday later this week, exceeding the $580 million bid that Rupert Murdoch and Mort Zuckerman have made in previous weeks, according to reports in the Journal, the Times and Newsday.

The Dolans will either go solo, or bring in another Long Island-based business partner, Newsday reports....

Analysts: Sam Zell Could Get Out From Under By Selling Newsday, Cubs and Wrigley, Food Network Stake

Mon, 14 Apr 2008 09:40:58 -0400

Word was spreading last week that Sam Zell was in deep danger of credit default, but there might be an out (in fact, it's an out that Mr. Zell seems to already have begun working on). Reuters is reporting:

Chicago-based Tribune, which has almost $2 billion of debt coming due over the next two years, could pay down its obligations by selling off a number of assets: the Chicago Cubs baseball team and its...

Remember the GM Building? Mort Zuckerman Does

Wed, 02 Apr 2008 15:29:49 -0400

The Slatin Report has the first piece of fresh news in a long while about the possible sale of Harry Macklowe's GM Building. You'll remember it went on the market in January; and then two quick rounds of bids were done by early March. And then... well, not much beyond speculation.

Which brings us to today's news: Daily News publisher and Boston Properties chairman Mort Zuckerman is "the last man standing" in the fight...

If Mort Zuckerman Buys the G.M. Building, Can He Still Afford Newsday?

Wed, 02 Apr 2008 13:14:41 -0400

The ever-reliable Peter Slatin is reporting today that Mort Zuckerman is the "last man standing" in the push to buy the G.M. Building on Fifth Avenue. The potential sale price? $2.9 billion.

Would a building buy so big—the biggest in U.S. history—spread him too thin financially to seriously contend to buy Newsday? Forget the economy and the strains in getting any sort of lending these days. Mr. Zuckerman is also in the process of financing...

Newsday: Zuckerman 'Aggressively Pursuing' Purchase

Mon, 31 Mar 2008 06:12:50 -0400

Despite a rumor floating around Newsday headquarters on Friday that Rupert Murdoch had purchased the paper, Mort Zuckerman is still in the running.

Newsday reported on Saturday that Mr. Zuckerman is "aggressively pursuing" the paper and quotes an unnamed former executive at the paper who said he's been looking at it for a long time....

The Daily News ... 100 Percent In Color!

Wed, 13 Feb 2008 15:57:30 -0500

The Daily News announced this afternoon that its entire newspaper is going to be in color. You'll have to wait until the end of 2009 for this to happen, but when it does, it will be the "first major market daily newspaper in the U.S." that will be fully in color, touts the press release (which sadly is only in black and white). The News purchased new press equipment ("a multimillion investment") that will...

Macklowe Watch: Talks Continue; Zuckerman Sends Regards

Wed, 13 Feb 2008 09:08:36 -0500

Talks continue between Harry Macklowe and his creditors over the $7 billion in debt he owes connected to his purchase of seven Manhattan buildings last February. Otherwise, no new news to report this morning.

But my colleague, Eliot Brown, has a story in today's Observer about Mort Zuckerman's coy interest in Mr. Macklowe's GM Building, which he put on the market in January as a possible way to pay off some of the debt. ...

GM Building Drama! Zuckerman Hints at Bid

Tue, 12 Feb 2008 19:08:17 -0500

Is Mort Zuckerman planning a bid for Harry Macklowe’s General Motors Building at 767 Fifth Avenue?

Could be. The chairman of Boston Properties, Mr. Zuckerman’s name has been thrown around by real estate insiders as a likely bidder, and late last month he had some suggestive language in a conference call to investors, speaking on the effects of the credit crunch.

“There are going to be a...

Roger Stone: Dems Knew About Harmonie Membership

Mon, 29 Oct 2007 15:28:10 -0400

Roger Stone doesn’t think much of the suggestion (based on my reading of a Weekly Standard story) that he had any role in drumming up a controversy over the fact that Eliot Spitzer’s father and MTA nominee Dale Hemmerdinger were members of the racially un-diverse Harmonie Club. Hemmerdinger's membership became a contentious political issue after an angry letter from Democratic Assemblyman Hakeem Jeffries.

Stone emails:

...

Zuckerman Zipping Up First Lease at New Midtown Tower

Tue, 16 Oct 2007 19:19:43 -0400

The law firm Gibson Dunn is in the final stage of wrapping up a 200,000-square-foot lease for the tower floors of a planned Eighth Avenue skyscraper, a source said.

Gibson Dunn would be the first tenant for the 38-story, 900,000-square-foot tower, at the corner of 55th street, that is being developed by Mort Zuckerman’s Boston Properties and Madison Equities. If Mr. Zuckerman can get the lease finalized, it would be a bold coup...

Spotted at The Grill Room! Rudin and Zuckerman

Fri, 12 Oct 2007 15:29:00 -0400

Spotted at 1 p.m. at the Grill Room in the Four Seasons today: Bill Rudin, Mort Zuckerman and Christine Quinn, all at separate tables.

Ms. Quinn, the City Council Speaker, stopped by Mr. Rudin’s table at the beginning of lunch; Mr. Rudin, scion of one of the city's oldest real estate families, stopped by Ms. Quinn’s table at the end. Mr. Zuckerman, the chairman of Boston Properties, stayed put as...

Mort Zuckerman, the ‘Happy’ (Very) Landlord

Tue, 09 Oct 2007 18:31:03 -0400

Mr. Zuckerman: Sit down, I’m reading about one of my favorite topics: the Middle East. I get all the articles—all the major political articles from all the Israeli newspapers. I’ve been reading it for 30 years; it’s really fantastic. Some people would sort of say that you don’t find out what’s happening in the United States by reading The Washington Post or The New York Times—certainly The New York Times. These are all the...