The Real Deal New York

Macklowe to pay $250M for UES condo-conversion

May 05, 2011 04:11PM

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Harry Macklowe has struck a deal to buy 737 Park Avenue for between $250 million and $255 million, sources tell Crain’s, and plans to convert the 108 rental units into condominiums. Macklowe’s interest in the property was widely reported, but details of the sale price and his intentions for the property are new. It’s the second building in the area that Macklowe has purchased in the hopes of doing a condo conversion, as last month Macklowe purchased a property at 150 East 72nd Street near Lexington Avenue for $70 million. Macklowe also bought 953-961 First Avenue with Prudential Douglas Elliman chairman Howard Lorber earlier this year. In purchasing 737 Park, 30 percent of which is comprised of rent stabilized units, Macklowe joined an undisclosed equity partner, according to Crain’s. The building first hit the market in late February. It’s another high-profile purchase for the storied developer who was hit hard by the recent recession and a previous downturn in the early 1990s. [Crain's]

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