The Real Deal New York

Linda Macklowe has until Friday to take 432 Park pad — or get money back

Harry's estranged wife sued after he filed plans to downsize her pad
By E.B. Solomont | December 19, 2017 06:35PM

Linda Macklowe and renderings of the interior of 432 Park Avenue

Linda Mackowe has until Friday to decide if she wants to close on her $14.4 million pad at 432 Park Avenue — or get her money back.

In September, the estranged wife of Harry Macklowe — who is embroiled in a $2 billion divorce — sued Macklowe Properties and CIM Group, arguing that the developers filed plans to drastically reduce the size of her 78th-floor pad — but were trying to force her to close anyway.

On Tuesday, Judge David Cohen granted a preliminary injunction ordering Macklowe Properties and CIM Group to withdraw those plans if Linda decides to purchase the pad. If she chooses not to buy the apartment — which is adjacent to Harry’s — the developers must return her $2.16 million deposit.

Adam Leitman Bailey, an attorney for Linda, called the judge’s ruling a “big win” for his client and said he was “elated” with the decision, which effectively found that the sponsors violated laws pertaining to the Department of Buildings and the New York state Attorney General’s office.

But lawyers for the developers characterized the order as one that will force an end to the dispute, meaning Linda will be compelled to close on the unit — or not.

“We’re gratified that the court is bringing finality to this dispute,” said Ron Greenberg, chair of Kramer Levin’s real estate litigation group and an attorney for the sponsor.

During the divorce, Linda has indicated she wants to keep the couple’s apartment at The Plaza. The Macklowes paid around $60 million for seven contiguous apartments at the iconic hotel in 2007. Linda’s legal team has argued the 14,000-square-foot spread is worth $55 million, while Harry’s team has said it is worth $107 million.