Macklowes marketing huge stakes in two properties

April 04, 2012 12:00PM

Father-son real estate investors Harry and Billy Macklowe, who famously split, are marketing 90 percent stakes in two Manhattan buildings, the New York Post reported. The pair has approached Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman, to offer interests in 610 Broadway and 400 Madison Avenue.

The move will allow the younger Macklowe to buy out his father’s share in the two towers, which he would then manage, the Post said. Billy started the William Macklowe Company in 2010 when he split off from his father’s company, Macklowe Properties.

The Madison Avenue property, between 47th and 48th streets, is a high-rise office building with tenants such as Atlantic Pacific Capital, a financial firm, and Edge Technology, which supplies computer memory. Meanwhile, 610 Broadway, between Houston and Bleecker streets, has Adidas Sports Performance as its anchor tenant. Sales prices at both buildings are projected to run $800 to $1,000 per foot, the paper said. [Post]