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Macklowe’s Back as CMBS Delinquencies Continue To Rise

January 6, 2010

Tweet After suffering some pretty big losses over the past two years, Harry Macklowe is back. This time he has teamed up with CIM Group to take control again of the development site on Park Avenue in New York. The partnership between Macklowe and CIM will pay off about $510M of debt on the site, […]

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New Basis, New Rents

October 23, 2009

Tweet Following a Harry Macklowe gamble that went south, George Comfort & Sons picked up Manhattan’s Worldwide Plaza for about $600M, 60% below what Macklowe had paid for the asset $1.7B for the asset just 2 years earlier. What’s more is that Deutsche carried back 80% on the new purchase as well. But now that […]

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Macklowe Losing Another Building

April 21, 2009

Tweet 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 […]

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If New York is a Leading Indicator…

December 10, 2008

Tweet New York is, if nothing else, a psychological benchmark and leading indicator for a lot of people when it comes to analyzing the state of the real estate market. TRD is reporting that prices are being slashed for trophy assets, and there is still trouble in finding buyers. According to the article in TRD, […]

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Broadway Partners Runs Into Trouble – San Francisco Holdings On The Table?

October 11, 2008

Tweet During 2006 and 2007, New York’s Broadway partners went on a tear, acquiring billions of dollars worth of real estate, with Lehman Partners providing the financing for a good chunk of it. That put Broadway Partners on the map as the third largest acquirer of New York City office buildings after Macklowe and Tishman […]

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Boston Properties, Goldman Sachs Acquire GM Building; Macklowe Son To Take Over

May 28, 2008

Tweet Over the weekend, the fate of the¬†GM Building at 767 Fifth Avenue became known. Boston Properties and Goldman Sachs led an investment group that acquired the trophy asset along with other buildings from Macklowe Properties for $4B, $2.5B of which was assumption of debt. It’s rumored that middle eastern investors and sovereign investment funds […]

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Macklowe Likely To Forfeit His 7-Property New York City Portfolio

February 6, 2008

Tweet After taking control of a $7B portfolio of properties from Equity Office last year, Harry Macklowe’s financing situation is rumored to have led to a deal to relinquish control of his properties to his lender, Deutsche Bank. His financing package, when he acquired the buildings, only required him to put $50M worth of equity […]

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