Lenders could still foreclose on Macklowe

While developer Harry Macklowe has received extensions from his biggest lenders on his overdue $7.1 billion short-term loans, he has not reached a deal with subordinate lenders. On Friday, hedge fund Fortress Investment Group gave Macklowe an extension on $1.4 billion in debt that went into default a week ago. For that loan, Macklowe used the General Motors Building as collateral; bids for the building were due Friday. But the $5.8 billion Macklowe owes Deutsche Bank is still up in the air. Subordinate lenders hold debts on four of the seven highly-leveraged buildings Macklowe bought from Equity Office Properties Trust last year.