William Macklowe (left) and with parents Harry and Linda
From the June issue: In June 2008, William “Billy” Macklowe ousted his legendary father,
Harry, as chairman and CEO of Macklowe Properties. A year later,
instead of moving the company forward, the younger Macklowe is still
putting out the fires that were set during the final tumultuous years
of his father’s reign. For months, Macklowe has fought to stave off the seizure of the
former Drake Hotel site at Park Avenue and 56th Street by Deutsche
Bank, which filed to foreclose in August 2008 after the company
defaulted on a $543 million loan meant to finance the redevelopment of
the site into condominiums and retail stores.
Also, in April, Macklowe lost the Financial Times building at 1330
Sixth Avenue, after defaulting on a $130 million mezzanine loan issued
by Otera Capital. The Montreal-based firm, a subsidiary of Canada’s
largest pension fund, acquired the tower from Macklowe for $100,000 and
the assumption of the building’s $240 million mortgage.
