Billy Macklowe dishes on new venture

September 20, 2010 09:00AM

Billy Macklowe

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]