The Real Deal New York

Posts Tagged ‘Macklowe’

  • From left:

    From left: Renderings of One57 tower, 432 Park Avenue, 107 West 57th Street and Gary Barnett

    Gary Barnett of Extell Development took something of a pummeling at yesterday’s panel of New Yorkers concerned about the shadows that rising skyscrapers will cast over Central Park. The verbal attacks were not overly surprising, considering Barnett was the sole defender of the construction of the towers. [more]

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  • From left: Harry and Billy Macklowe

    From left: Harry and Billy Macklowe

    Billy Macklowe is launching his first residential project after renovating office buildings for years, nudging into his father and real estate mogul Harry’s territory.

    The fast-rising developer has largely set his sights on the commercial real estate market with his 4-year-old property investment firm, William Macklowe Company. But Macklowe now has plans to replace iconic bowling alley Bowlmor, located at 110 University Place in Greenwich Village, with a luxury condominium. [more]

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  • Taconic closes $220M fund targeting NYC

    October 04, 2011 02:57PM

    Taconic Investment Partners co-CEO Paul Pariser and 111 Eighth Avenue

    Taconic Investment Partners, the firm that was part of a group that sold the Chelsea office building 111 Eighth Avenue to Google last December for $1.8 billion, completed raising $220 million for a fund focused on buying New York City properties, the company said in a statement today.

    The Chelsea-based firm is targeting “value-add and opportunistic multifamily, office and retail assets in New York City,” the company said, expecting to earn a 15 percent to 17 percent net return on the investments.

    “The shifting real estate landscape and capital markets disruption are likely to provide opportunities for significant long-term upside potential,” company co-CEO Paul Pariser, said in the release.

    Even as Taconic did well with the Google sale, in other deals it has suffered, for example at 375 Pearl Street. Taconic purchased the tower in 2007 for $173 million and sold it this June for $120 million. – Adam Pincus[more]

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  • Harry Macklowe and 737 Park Avenue

    Harry Macklowe’s development firm that is primed to carry out the $360 million condominium conversion of the pre-war apartment building at 737 Park Avenue, filed its first lawsuit related to the building this week, claiming a married couple living in a market-rate apartment is refusing to leave even though their lease expired last month. Macklowe’s company for the project, 737 Park Avenue Acquisition, filed the lawsuit Tuesday in New York State Supreme Court against Barry and Joan Shalov, seeking an order from the judge to force them out of the 21-story Lenox Hill building, at the corner of 71st Street, despite their desire to stay. Condo conversion experts predicted that it would not be easy converting the occupied building, with 103 apartments. The fact that Macklowe had to resort to a lawsuit to remove market-rate tenants living with an expired lease — presumably with no rights to stay — only underscores the potential challenges…. [more]

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  • Financial firm Thiam Management inked a deal for nearly 6,000 square feet at 510 Madison Avenue, for a price in the $90s-per-square-foot range, Real Estate Weekly reported. The space represents one of two pre-built office units on the eighth floor of the 30-story, 350,000-square-foot property. The other eighth floor space was recently leased to a financial firm called Africa Global for about the same price. “The leasing on the eighth floor is supportive of the continued interest in the building,” said Paul Amrich, an executive vice president at CB Richard Ellis, who along with Kerry Powers, represents the building’s landlord, Boston Properties. Real Estate Weekly notes that the renewed interest shows the building has come along way since funding issues plagued 510 Madison when it was controlled by Macklowe Properties…. [more]

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  • TEN23, the Equity Residential-developed, 100-unit rental building going up at 500 West 23rd Street near the High Line, is in its final phases of construction and will kick off its leasing efforts in the fourth quarter of this year, Tom Lebling, a senior vice president at the real estate investment trust, told the New York Times. Lebling said rents for studios will begin in the low $3,000s per month, while one-bedrooms will be asking in the $4,000s and two-bedrooms will range from the high $5,000s to low $6,000s. Pricey? Maybe. But according to Lebling, “once you see the finish product the demand will be there.” He expects move-ins to begin during the first quarter of 2012…. [more]

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  • CIM to begin work at Drake Hotel site

    April 15, 2011 09:51AM

    The former Drake Hotel and Harry Macklowe

    CIM Group has filed an application with the Department of Buildings to begin below-ground work at the site of the former Drake Hotel on Park Avenue and 56th Street, signaling the beginnings of the building process at the long-stalled project. It’s still unclear what will rise from the site originally assembled by developer Harry Macklowe, who bought the Drake for $418 million in 2006 and demolished it. He defaulted on the debt the following year, and in 2010, Los Angeles-based CIM bought his $510 million construction loan and took over the project, agreeing to keep Macklowe involved. CIM’s application currently calls for a five-story development, but according to the Wall Street Journal, those plans could easily change…. [more]

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  • Boston Properties is nearing a deal to lease 66,000 square feet in its upcoming, and still mostly unclaimed, 510 Madison Avenue office tower to SAC Capital, the hedge fund owned by billionaire Steven Cohen, according to the Observer. Rumors of the negotiations surfaced months ago, but a lawsuit in which Cohen’s ex-wife accused him of insider trading had apparently put the talks on hold. A judge dismissed the case earlier this week, though, and sources said that clears the way for the lease signing to take place within days. SAC, which may get naming rights as part of the deal, is currently located at 540 Madison Avenue. … [more]

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  • Harry Macklowe returns

    March 08, 2011 09:28AM

    Developer Harry Macklowe, who was infamously forced to relinquish nearly his entire real estate empire after a bad $7 billion real estate bet at the height of the market, is getting back in the game. Macklowe, who also lost a business partner in his son, William, as a result of his portfolio’s implosion, now has a new teammate in Prudential Douglas Elliman Chairman Howard Lorber. According to Crain’s, the pair just purchased the defaulted loan on a prime Midtown development site and is planning to build a residential tower there. … [more]

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  • Harry Macklowe and 125 West 55th Street
    Harry Macklowe’s former deputy filed a $21 million lawsuit last month alleging the billionaire real estate mogul failed to share the proceeds from the sale of 125 West 55th Street to Boston Properties. Warren Cole, who worked for Macklowe from 1988 to 1999, filed suit in New York State Supreme Court Jan. 15, alleging Macklowe either kept the profits for himself or paid it to his family members. The complaint was just made available in public records. Macklowe sold the property for $443 million in 2008, according to Cole’s complaint, which noted that the property was saddled with a $200 million mortgage…. [more]

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  • Harry Macklowe and 46 East 57th Street, which CIM Group acquired last month
    The owners of two townhouses in the middle of the massive building site near the former Drake Hotel are refusing to sell despite years of prodding by hopeful developers, according to the Post. The townhouses, at 42 and 48 East 57th Street, are being eyed by CIM Group, which has assembled a large, mixed-use parcel between Park and Madison avenues, mostly through its acquisition of the former Drake hotel site from Harry Macklowe’s creditors after he defaulted in 2008. In addition to the hotel site on East 56th Street, the CIM-Macklowe assemblage includes buildings at 38, 40, 44, 46 and 50 East 57th Street, all of which the California-based private equity firm wants to raze…. [more]

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  • CIM Group buys townhouse at  Drake site

    January 05, 2011 11:53AM


    Harry Macklowe and 46 East 57th Street
    California private equity firm CIM Group, which paid off lenders to take control of Harry Macklowe’s former Drake Hotel site at Park Avenue and 56th Street for $305 million, has acquired an additional property adjacent to the assemblage.

    The CIM Group paid $42.5 million for the 18-foot wide townhouse at 46 East 57th Street, city records filed yesterday show. The California company picked up the five-story, 57th Street property through six separate deeds, with values between $417,057 and $14.2 million, city records show.

    The five-story building would modestly widen the frontage Macklowe put together on 57th Street, if it is added to the site…. [more]

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  • IStar nears deal to sell Trump Soho debt

    December 03, 2010 09:27AM

    Donald Trump, Alex Sapir and Trump Soho

    Troubled lender iStar Financial is nearing a deal to sell around $275 million in debt on the Trump Soho condominium-hotel to Los Angeles investment firm CIM Group, likely at a discount, according to the Wall Street Journal. The two sides are apparently already about a month into negotiations and are expected to reach an agreement within days. Developers Bayrock Group and the Sapir Organization have been notoriously struggling with sales in the condo portion of the building, having closed just 20 of its 391 units by this summer…. [more]

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  • RXR buys former Macklowe tower for $400M

    November 22, 2010 08:55AM

    From left: Harry Macklowe, Scott Rechler and 1330 Sixth Avenue

    A group of investors led by Scott Rechler’s RXR Realty has signed a contract to purchase 1330 Sixth Avenue — the 40-story office building that Canadian lender Otera Capital took back from Harry Macklowe last year — for roughly $400 million, the Wall Street Journal reported. The price, though far below the $500 million Macklowe paid for it in 2006, would likely put the deal amongst the largest of the year for New York City office buildings, sources said, and could be a sign of the commercial property market’s rebound. … [more]

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  • Boston signs first tenant at 510 Madison

    November 16, 2010 09:26AM

    Boston Properties’ Mortimer Zuckerman (top), Harry Macklowe and 510 Madison

    Boston Properties has scored its first office tenant at 510 Madison Avenue, the new, vacant building on the corner of East 53rd Street that the company purchased from Harry Macklowe for $275 million earlier this year, Crain’s reported. The lease, for the entire 28th floor, was signed by Senator Investment Group at more than $100 per square foot, sources said. While Senator may turn out to be the first firm to relocate to the 30-story tower, it isn’t the first to agree to take space there.
    [more]

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  • Billy Macklowe opens up, barely

    September 29, 2010 10:00AM

    In a pair of sit-down interviews this week, William “Billy” Macklowe opened up — barely — about his split from his father, Harry’s, Macklowe Properties, what he learned from the collapse of the Macklowe empire and his just-launched venture, the William Macklowe Company.

    He was tight-lipped with the Observer, refusing to talk even about cooking because, as he put it, “so much has been written about the past and all that, it’s just not an area that I really wish to comment on.” He contended, though, that he was “not tightly coiled at all,” as the reporter had observed.

    In an interview with Bloomberg News, Macklowe was more relaxed. He told the publication: “one lesson we’re absolutely going to take away from this is no short-term financing,” when asked about Macklowe Properties’ debt woes and the decision to sell off trophies like the GM Building. He fought back against the notion of being the so-called “poster child” for the real estate bust, nominating other notorious failures like the General Growth Properties bankruptcy and Stuyvesant Town and Peter Cooper Village foreclosure for the title.

    Still, his peers weren’t as kind. “Billy Macklowe is a guy who woke up on third base and thinks he hit a triple,” one anonymous broker told the Observer. Another said, “he was really mean to people when they were on the top of the world, and unfortunately that’s what people are remembering right now… but at the end of the day, he’s a really talented guy with a high aesthetic.”
    [NYO] and [Bloomberg]

    [more]

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  • Billy Macklowe dishes on new venture

    September 20, 2010 09:00AM

    William “Billy” Macklowe, the son of real estate titan Harry Macklowe, took a bold step in striking out on his own in the world of New York real estate, but the 42-year-old entrepreneur seemed to tread cautiously in an interview with the New York Times this past weekend, his first since he launched his new venture. Macklowe split from his father’s Macklowe Properties, where he was CEO, earlier this year in the wake of the property empire’s high-profile unraveling and launched William Macklowe Company, which he said would focus on real estate acquisitions, strategic lending and investment. Though he said he’s put in bids on a number of properties, the company has yet to win anything. And while he is nearing a deal on a Manhattan office building, he declined to be more specific, citing the current market as a reason. When asked whether he would have done anything differently, in retrospect, with Macklowe Properties, he said, “I would answer that question by saying that I look forward to moving ahead, and lessons learned will manifest themselves in investment decisions.” As for his father, Macklowe said “he was understanding of what I needed to do” and that “now it’s my turn.” [NYT]

    [more]

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  • 510 Madison and Harry Macklowe

    O’Connor North America, the junior mezzanine lender at 510 Madison
    Avenue, has filed suit to force developer Harry Macklowe to open up the
    building to an investment group that will help investor Jeremiah
    O’Connor buy out the loan… [more]

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  • Macklowes split up

    May 10, 2010 06:26PM
    alternate textFrom left: William Macklowe and Harry Macklowe

    All is not right in the Macklowe house: William Macklowe and his father, Harry Macklowe, have parted ways — in the business world, at least — according to Crain’s. Sources say that the younger Macklowe has split from Macklowe Properties and has inked a lease for a full floor of office space at 126 East 56th Street, where he will launch his own company. … [more]

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  • 340 Madison in contract for $570M

    April 28, 2010 10:42AM

    RXR Realty has stepped up to the plate to buy Broadway Partners’ 23-story office tower at 340 Madison Avenue for roughly $570 million, or $760 a foot, according to the Post. Broadway purchased the 750,000-square-foot building, which was redeveloped in 2003 by Macklowe Properties, for $550 million four years ago, when it was only 40 percent leased. After a $50 million investment by Broadway, it is now 92 percent leased. Darcy Stacom and Bill Shanahan of CB Richard Ellis headed the marketing effort on the property…. [more]

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