Harry Macklowe shrunk Linda’s pad at 432 Park and made his bigger: suit

Couple went into contract on adjacent units in 2013

New York /
Sep.September 26, 2017 05:05 PM

UPDATED, 6:55 p.m., Sept. 26: In the middle of their $2 billion divorce, Linda and Harry Macklowe have another asset to squabble over: his-and-hers apartments at 432 Park Avenue.

In a lawsuit filed Tuesday, Linda Macklowe said her soon-to-be ex-husband filed plans this summer to drastically shrink the size of her $14.4 million pad — leaving her with a modest one-bedroom unit instead of the three-bedroom aerie she intended to buy.

Even worse: The new plans called for transferring the extra square footage from her condo to Harry, who is buying the adjacent unit, according to the filing.

In 2013, Linda and Harry purchased adjacent units on the 78th floor of the luxury supertall condominium developed by Harry and CIM Group, according to the suit.

Linda was to pay $14.4 million for her pad — Unit 78A — and paid a deposit of $2.16 million, according to the complaint. The purchase price for Harry’s apartment — Unit 78B — was not disclosed.

After delaying her closing four times — in breach of the purchase agreement, the suit claims — developers Macklowe Properties and CIM Group filed plans in June to amend the floor plans for both units.

According to updated building plans, Linda’s unit was cut down to 1,766 square feet from 2,663 square feet. The extra square footage was simply added to her estranged husband’s abode, the suit claims. The developers did not file an amendment to the condo offering plan.

“While the offering plan grants the sponsor a limited right to amend the plans and specifications of the building, nothing in the offering plan that grants the sponsor the right to effect this unwarranted amendment,” wrote Adam Leitman Bailey, an attorney for Linda Macklowe, in a Sept. 20 letter to the sponsors.

Linda filed for divorce last year, after Harry said he was leaving her for another woman. With no prenup, the Macklowes are fighting over a vast real estate portfolio and art collection, as well as a $41 million yacht and a $100 million apartment at The Plaza. Harry’s lawyers have so far tried to downplay his net worth, pointing out vulnerabilities in his projects, and arguing that their client is $400 million in the red.

In a statement, a spokesperson for Harry said that the developer contracted an apartment at the building “as a gift.”

In Her Divorce Court papers, Mrs. Macklowe has categorically stated that she did not want to live in, did not intend to live in and did not want to buy the apartment,” the spokesperson continued. “However, nothing has changed with the status of the residence or with her contract. Mrs. Macklowe lives in a 20,000-square foot apartment in The Plaza Condominium, which she has said she has no intention of selling.”

 

Related Articles

arrow_forward_ios
A unit at a Brooklyn Heights condo was the priciest deal last week. (One Clinton)
Brooklyn Heights condo is borough’s priciest deal signed last week
Brooklyn Heights condo is borough’s priciest deal signed last week
9 East 71st Street and Jeffrey Epstein (Photos via Getty)
Jeffrey Epstein’s UES townhouse in contract for around $50M
Jeffrey Epstein’s UES townhouse in contract for around $50M
(iStock/Illustration by Kevin Rebong for The Real Deal)
January home prices up 10% in biggest annual gain in 7 years
January home prices up 10% in biggest annual gain in 7 years
Joel Simkhai and a rendering of 215 East 19th Street (Photos via Getty, Gramercy Square/Woods Bagot)
Grindr founder snaps up Gramercy penthouse listed at $29.5M
Grindr founder snaps up Gramercy penthouse listed at $29.5M
Lydia Sussek and Howard Lorber (Corcoran, Getty)
Corcoran vet Lydia Sussek joins Elliman
Corcoran vet Lydia Sussek joins Elliman
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Mortgage rates surge — and refinance applications sink
Mortgage rates surge — and refinance applications sink
Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
How much Compass paid to scale up
How much Compass paid to scale up
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
arrow_forward_ios

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

Loading...