From left: 432 Park Avenue, Harry Macklowe, 30 Park Place and David Eyzenberg
When Harry Macklowe saw his bet on the Manhattan office market collapse in 2008 and was forced to default on a $5.8 billion loan, his lender, Deutsche Bank, absorbed much of the immediate financial wallop.
Seven years later, a resurgent Macklowe is betting the farm on Manhattan’s luxury condo market through 432 Park Avenue, a project he’s referred to as “the culmination” of his career. But if this wager were to turn sour, someone altogether different could share the pain: a foundation dedicated to fighting malnutrition and disease among children in developing countries. [more]