Report: Vornado buys stake in Macklowe loans 

Vornado Realty Trust has reportedly purchased a stake in loans tied to four buildings owned by developer Harry Macklowe, whose $6.4 billion debt payment for seven Midtown Manhattan office buildings purchased a year ago comes due next month. Macklowe bought the buildings from Equity Office Properties, which doubled the size of his real estate holdings, with only $50 million of his own money. Related chairman Stephen Ross is also reportedly negotiating with Macklowe for the Drake Hotel site at Park Avenue and 56th Street in Manhattan. Developer Sheldon Solow might also buy some of Macklowe’s debt in an attempt to gain control of Macklowe’s G.M. building.