Harry Macklowe finalizes $70M purchase of Lenox Hill building

TRD New York /
Jun.June 23, 2011 07:03 PM

Developer Harry Macklowe closed this afternoon on the $70 million acquisition
of a 34-unit rental apartment building at 150 East 72nd Street that his Macklowe
Properties expects to convert to condominiums.

Macklowe financed the Lenox Hill purchase and anticipated rehabilitation of the
72,000-square-foot, pre-war building through a total of $120 million in equity
and debt, according to a statement from Macklowe’s exclusive advisor on the
transaction, Howard Michaels, chairman of investment banking firm Carlton
Group.

A New York-based balance sheet lender provided a $90 million first mortgage,
and Macklowe and a high net worth family provided $30 million in equity, the
statement said. Neither was identified. On Tuesday, the New York Post reported that the deal would close this week.

Macklowe, who lost billions of dollars in office properties during the recession,
has recovered his footing and is involved in the development of the Drake Hotel site and is expected to acquire 737
Park Avenue
and convert that to condos.

Macklowe did not respond to a request for comment. Michaels declined to
comment beyond the statement.

In April, the Post reported the developer was planning to buy the
property
.

Currently eight units are rent-regulated, including residential broker Alice Mason’s eight-room
spread, where she says she pays just under $2,000 per month. The other 22
units are free market, with the most recent rents on Streeteasy.com from 2010
showing two-bedrooms range between $8,500 and $9,300 per month.


Related Articles

arrow_forward_ios
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
John Tashjian (center) with Harry Macklowe and 200 East 59th Street (Credit: Emily Assiran Photography)

Life after Macklowe: New sponsor cuts prices at condo tower

Life after Macklowe: New sponsor cuts prices at condo tower
Harry and Linda Macklowe (Credit: Getty Images, iStock)

The Macklowes’ massive art collection nears auction

The Macklowes’ massive art collection nears auction
Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

Macklowe’s brazen Hamptons act recalls Times Square scandal
Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

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

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court
A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

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

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

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

Loading...