Harry Macklowe and 737 Park Avenue
From the June issue: Last month, developer Harry Macklowe signed a contract as the operating partner to buy the 108-unit rental apartment building 737 Park Avenue for $255 million, reports said.
The property, on the corner of 71st Street, is located on one of Manhattan’s most sought-after residential blocks, and that fact hasn’t escaped Macklowe’s notice. He has not formally announced plans, but sources say he intends to convert the building to luxury condominiums.
Once closed, Macklowe’s acquisition will be the most expensive residential building purchased for conversion since Maurice Mann and Africa Israel bought the Apthorp for $391 million in 2007, data from Real Capital Analytics shows. The deal marks the return of developers doing large-scale luxury condominium conversions following the real estate downturn. This month, The Real Deal took an exclusive behind-the-scenes look at the 73-year-old property through rarely seen documents, usually shared only with a selective group of potential bidders. [more]
