The Real Deal New York

Speculation swirls around whether developer Harry Macklowe could lose control of his highly-valued properties, amid a tightening credit market. Macklowe quickly bought seven Midtown office towers in February for almost $7 billion, but used only $50 million of his own money. As collateral, he used the General Motors Building on 59th Street and Fifth Avenue, which he paid $1.4 billion for in 2003, and other properties. Much of the debt is short-term and must be repaid in February, and as credit becomes tougher to get, Macklowe is expected to have difficulty refinancing. more [NYT]