The Real Deal New York

From the May issue: As the real estate world waits to see if Harry Macklowe can save his real estate empire, a smaller contingent is anxiously watching to see if he can pull off a minor miracle by completing his speculative office tower at 510 Madison Avenue. Originally envisioned as a condo-hotel, the 350,000-square-foot spec tower is under construction as a boutique office tower for the private equity and hedge fund market. “What’s working against him, at this time, is the timing,” said attorney Jonathan Adelsberg, co-chair of the commercial leasing practice at Herrick Feinstein. “It’s not the asset.”