Billy Macklowe, ING Clarion buy 636 Sixth

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Billy Macklowe and 636 Sixth Avenue

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William Macklowe, son of troubled developer Harry, is set to close this week on his first building since the launch of his eponymous real estate company last year. According to the Wall Street Journal, Macklowe, who initiated the much talked-about split from his father and is attempting to start fresh with his William Macklowe Company, will acquire 636 Sixth Avenue for $45.2 million in a joint venture with ING Clarion Partners. They paid in cash to seller APF Properties, which bought the 82,000-square-foot office property for just $29 million in 2004. Analysts had previously estimated that the six-story building would fetch between $32 million and $41 million, but CB Richard Ellis broker Darcy Stacom received around 20 bids, which upped the ante. Upgrades to the building’s façade, elevators and lobby will soon be in the works, Macklowe said, as are plans for a potential penthouse office addition. [WSJ]