Report: Cayre closing in on GM Building

The Post reports that billionaire real estate investor Joseph Cayre is in talks with developer Harry Macklowe over a rescue deal that would let Macklowe retain a management and minority partner position at his prized General Motors Building. Cayre, founder of Midtown Equities and a co-owner of the Sears Tower, and his Middle Eastern backers reportedly have the upper hand because they will cleanly buy out Macklowe’s creditors. Macklowe needs to sell the Fifth Avenue building for more than $3 billion because he is past due on short-term loans he took out on the seven office buildings he bought last year for $6.8 billion. Cayre would reportedly buy out Fortress, the holder of a Macklowe’s $1.4 billion bridge loan.