Macklowe files plan to convert UES rental buildings into condos

August 23, 2011 04:35PM

From left: Harry Macklowe, 737 Park Avenue and 150 East 72nd Street

Developer Harry Macklowe’s firm Macklowe Properties filed plans with Attorney General Eric Schneiderman’s office to convert rental buildings at 737 Park Avenue and 150 East 72nd Street into condominiums, Bloomberg News reported. If the offering plan is approved by July 2012, closings could begin at the Upper East Side properties by late 2012 or 2013.

“The expectation is that we probably will be out of the recession by then and the economy will be booming and it will just be the right time to start selling apartments,” said Stuart Saft, head of the real estate group at Dewey & LeBoeuf LLP, who drafted the plans for Macklowe.

The proposal for 737 Park Avenue near 71st Street, which Macklowe paid $360 million for earlier this month, shows 103 units ranging from $2.9 million to $18 million for penthouses. The 34 units in the building near 72nd Street and Lexington Avenue that Macklowe acquired for $70 million in June will have units ranging from $3.5 million to $6 million. [Bloomberg]