Harry Macklowe is behind on rent for HQ at GM Building: report

The developer’s monthly bill at the Boston Properties-owned tower is $200K

New York /
Jul.July 15, 2020 10:15 AM
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

It turns out that even some real estate firms aren’t paying rent.

Harry Macklowe’s Macklowe Properties hasn’t paid up for its headquarters at the GM Building since March, according to the New York Post. The developer’s monthly bill for the 28,000-square-foot spread on the 21st floor is about $200,000.

Macklowe was forced to sell the tower at 767 Fifth Avenue during the 2008 financial crisis in order to pay down his debts. Boston Properties, now his landlord, paid $2.9 billion for the property, which turned out to be a profitable investment for the firm.

Boston Properties’ Mort Zuckerman let Macklowe retain a token interest in the building through a $10 million stake in Boston Properties, according to the Post. The 2008 deal had saved Macklowe from dipping into his personal fortune, which was later split down the middle when he and his ex-wife Linda Macklowe divorced.

A source told the publication that Zuckerman and Boston Properties “saved him and gave him a sweetheart deal and this is how he behaves?”

Macklowe’s firm was one of the thousands of recipients of the Small Business Administration’s Paycheck Protection Program. [NYP] — Erin Hudson


Related Articles

arrow_forward_ios
Harry and Linda Macklowe (Getty Images, Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), NY, Sotheby's, iStock)
Macklowe art collection fetches nearly $1B at auction
Macklowe art collection fetches nearly $1B at auction
Harry Macklowe with proposed project by Macklowe Properties (Getty, Arquitectonica)
Harry Macklowe makes his first move in Miami
Harry Macklowe makes his first move in Miami
601 Lexington Avenue and Citadel’s Ken Griffin (Wikipedia, Citadel)
Billion-dollar refi reveals what tenants pay at 601 Lex
Billion-dollar refi reveals what tenants pay at 601 Lex
Harry Macklowe and 1 Wall Street (Getty, Gryffindor derivative work: Justass, Public domain, via Wikimedia Commons)
Macklowe seeks $1.1B refi of One Wall Street
Macklowe seeks $1.1B refi of One Wall Street
Macklowe Properties’ Harry Macklowe with One Wall Street (One Wall Street)
See Harry Macklowe’s handwritten plan for One Wall Street
See Harry Macklowe’s handwritten plan for One Wall Street
William Sankey, CEO and head of product, Northspyre (Northspyre, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Northspyre, project management tool for developers, raises $25M
Northspyre, project management tool for developers, raises $25M
Largest Real Estate Loans Topped $2.5B in December, including: 601 Lexington Avenue, 441 Ninth Avenue & 360 Park Avenue South (BXP, Hudson Commons, 360 Park Avenue South, iStock)
Ten biggest Manhattan real estate loans in December top $2.5B
Ten biggest Manhattan real estate loans in December top $2.5B
Boston Properties CEO Owen Thomas (Thomas by Axel Dupeux, iStock)
Boston Properties: Crime, Covid hindering urban office recovery
Boston Properties: Crime, Covid hindering urban office recovery
arrow_forward_ios

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

Loading...