Cayre bid on GM Building

Joseph Cayre, founder of Midtown Equities and co-owner of the Sears Tower, bid on Harry Macklowe’s General Motors Building with Middle Eastern partners. Cayre was reportedly one of three bidders, including Larry Silverstein, to offer more than $3 billion. Macklowe used the building as collateral on a $1.2 billion short-term loan from hedge fund Fortress Investment Corp. He needs to sell the tower at 767 Fifth Avenue for at least $3.4 billion to cover its debt and have enough money left over to settle his debt with Fortress. Macklowe has reportedly asked bidders if they would keep him involved in the property’s management.