GM Building undergoing new appraisal

Owner Harry Macklowe has ordered a new appraisal for the GM Building for another recapitalization. The recapitalization comes as part of a reported attempt by Macklowe to buy out the Jamestown Group. Macklowe recapitalized the GM Building for $1.71 billion in 2005, making it the second priciest office building in North America. more [Slatin]