Macklowe Losing Another Building

The Macklowe Empire is shrinking again. The NY-based developer is set to lose another building, 1330 Avenue of the Americas, to a Canadian lender. The foreclosure is similar to nature to the Hancock Tower transaction in which the foreclosure is being triggered by a default on the mezzanine debt.

Bloomberg has the following additional information about the asset:

• Acquired for $498 million in December 2006 (closing the same day as Hancock Tower).
• $240M senior debt from Deutsche Bank
• $130M mezz debt, later sold to Montreal’s Cadim and then transferred to Otera
• Macklowe defaults in January on the mezzanine debt
• The building is ~525K square feet, with three levels of three underground parking levels providing for about 225 cars.
• The auction will be held tomorrow at 1PM @ the office of Allen & Overy’s.

Similar Posts:

• Boston’s John Hancock Tower To Be Auctioned Off March 31
• Infighting Amongst Hancock Tower Debt Holders
• Boston Properties, Goldman Sachs Acquire GM Building; Macklowe Son To Take Over
• Hancock Tower Fetches $660M At Auction; Normandy and Five Mile Winners
• Mezz Debt Loses Its Luster

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