The Real Deal New York

Court says Macklowe owes former exec $6.5M

August 06, 2009 11:26AM
By Adam Pincus

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Developer Harry Macklowe must pay former top Macklowe Properties executive Warren Cole $6.5 million resulting from a breach of contract lawsuit filed in the fall of 1999.

Macklowe, named as an individual, owes Cole $3.4 million for the repayment of loans and an additional $3.1 million in interest related to three Manhattan buildings, according to New York State Supreme Court records filed July 30.

A state court justice ruled in February that Cole was owed money, but the exact amount was determined through a ruling July 21 by an appeals court in the Appellate Division, which set the date of the breach of contract as April 1999.

Cole, a former president of Macklowe Properties, sued Macklowe in 1999, claiming he was owed millions for equity interests in Manhattan real estate and for the $3.4 million owed because of a deal struck in November 1998.

A spokesperson for Macklowe declined to comment.

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