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Zuckerman’s GM Building bid has Arab backers

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Mort Zuckerman, the billionaire media and real estate tycoon, is reportedly backed by an Arab sovereign wealth fund in his bid to buy Harry Macklowe’s GM Building. The Zuckerman-led consortium is prepared to pay about $2.8 billion for the trophy tower at 767 Fifth Avenue, much less than the $3.5 billion the struggling Macklowe wanted. Macklowe and his son William would retain the management of the tower and could be paid incentives for generating income. Macklowe must sell the GM Building to pay down his about $6.4 billion in overdue debt.