Macklowe works out debt deal

As a deadline looms, developer Harry Macklowe is reportedly struggling to finalize a deal with his creditors, who are owed $7 billion in debt on seven Manhattan skyscrapers bought from Equity Office last year. While the Deutsche Bank and Fortress loans weren’t due until tomorrow, Macklowe reportedly faced a deadline today because the banks are closed on Saturday. More than 20 lenders hold the subordinate debt on four of the seven properties. They must all sign off on Macklowe’s agreement with Deutsche Bank that would allow the investment bank to effectively take control of the buildings. One lender, General Electric Capital Corp., has reportedly been reluctant to sign on. Macklowe is seeking extra time from Fortress so he can sell the GM Building. He is also reportedly selling a small office building at 140 West 57th Street.