Macklowe to pay $250M for UES condo-conversion

TRD New York /
May.May 05, 2011 04:11 PM

Harry Macklowe has struck a deal to buy 737 Park Avenue for between $250 million and $255 million, sources tell Crain’s, and plans to convert the 108 rental units into condominiums. Macklowe’s interest in the property was widely reported, but details of the sale price and his intentions for the property are new. It’s the second building in the area that Macklowe has purchased in the hopes of doing a condo conversion, as last month Macklowe purchased a property at 150 East 72nd Street near Lexington Avenue for $70 million. Macklowe also bought 953-961 First Avenue with Prudential Douglas Elliman chairman Howard Lorber earlier this year. In purchasing 737 Park, 30 percent of which is comprised of rent stabilized units, Macklowe joined an undisclosed equity partner, according to Crain’s. The building first hit the market in late February. It’s another high-profile purchase for the storied developer who was hit hard by the recent recession and a previous downturn in the early 1990s. [Crain’s]


Related Articles

arrow_forward_ios

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

Rents increased year over year this September in Manhattan and Brooklyn to $4,336 and $3,366

Rents tick up and concessions fall amid broader economic uncertainty

A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe just got $192M closer to building his Midtown skyscraper

The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)

Developers see dollar signs in Second Avenue subway extension

arrow_forward_ios