Harry Macklowe returns

New York /
Mar.March 08, 2011 09:28 AM

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. The vacant, 150,000-square-foot site, at 953-961 First Avenue between 52nd and 53rd streets, was slated to become the Oliver, a luxury rental building by Alexico Group and Steven Elghanayan. But the original developers defaulted on $30.6 million in loans for the project and Bank of America had reportedly begun foreclosure proceedings. Massey Knakal Realty Services had been marketing the note since the summer, and sold to Lorber’s New Valley, which owns 50 percent of Elliman, in October. Macklowe was said to have partnered on the deal. [Crain’s]


Related Articles

arrow_forward_ios
Mort Zuckerman and Harry Macklowe with 510 Madison Avenue (Getty, Google Maps)

Harry Macklowe sues Boston Properties for $30M

Harry Macklowe sues Boston Properties for $30M
Douglas Elliman chairman Howard Lorber (Getty)

Howard Lorber says bidding wars are still happening in NYC

Howard Lorber says bidding wars are still happening in NYC
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M
Vector Group president and CEO Howard Lorber (Getty, iStock)

Howard Lorber’s comp is too damn high: Investors

Howard Lorber’s comp is too damn high: Investors
Douglas Elliman's Howard Lorber and Amazon's Jeff Bezos (Credit: Getty Images)

Second-home tax would be “multiples worse” than Amazon loss: Howard Lorber

Second-home tax would be “multiples worse” than Amazon loss: Howard Lorber
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...