The Real Deal New York

Silverstein eyes GM Building

February 08, 2008 07:59AM

The Post is reporting that developer Larry Silverstein could buy the General Motors Building from struggling real estate mogul Harry Macklowe for about $3.5 billion. Silverstein was recently seen touring the building, which is on the market with CB Richard Ellis’ Darcy Stacom. Bids could be due as early as next Friday. Macklowe needs to pay a $1.4 billion loan from hedge fund Fortress Investment Group and $5.8 billion in short-term loans to Deutsche Bank. The German bank reportedly has hired Eastdil Secured and Cushman & Wakefield to sell a portfolio of Macklowe buildings that the developer used only $50 million of his money to buy last year.   

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