Macklowe buys rent-stabilized building

Developer Harry Macklowe is in the process of buying 150 East 72nd Street, a 34-unit rent-stabilized apartment building, for $70 million, according to the New York Post. The building, which sits on the corner of Lexington Avenue, is home to legendary broker Alice Mason, who has lived in her 2,043-square-foot, rent-stabilized unit for 48 years. Macklowe, who is hoping to transform the building into a condominium, has reportedly put a deposit down on the building, and is currently looking to raise $35.4 million from joint-venture equity partners, sources say. [Post]