search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtRialto slaps another Signature Bank borrower, RFR, with defaultRialto slaps another Signature Bank borrower, RFR, with defaultLincoln Property defaults on Newport Beach office loanLincoln Property defaults on Newport Beach office loan
New York

Report: Tishman, Zuckerman, Paramount bid on GM Building

Sign Up for the undefined Newsletter

The Post reports that a new batch of developers entered the second round of bidding for Harry Macklowe’s General Motors Building. Tishman Speyer Properties, Mort Zuckerman’s Boston Properties and Albert Behler’s Paramount Group all reportedly submitted bids, though one might have since dropped out. The Post also reports that developer Sheldon Solow has dropped his newly filed state suit contesting Macklowe’s ownership of the Fifth Avenue tower. Developer Larry Silverstein had reportedly dropped out of the running because of Solow’s suit, but the Post reports that Silverstein’s partner, the California pension fund CalSTERS, balked. Joseph Cayre, the billionaire real estate investor, and SL Green both pulled out after the first round of bidding when the minimum bid was set at $3 billion.  Macklowe hopes to bring in $3.4 billion from the sale to pay down his overdue short-term debt and debt owed on the building.