Second round of GM Building bids due

The second round of bids on Harry Macklowe’s General Motors Building are due tomorrow. Macklowe needs to bring in about $3.4 billion to pay down his overdue debts, but the bids reportedly came in at just over $3 billion and could even drop down to $2.8 billion in the second round. SL Green Realty Corp. reportedly entered a bid in the first round but will likely not submit a second bid. The other bidders are Larry Silverstein, who has partnered with California pension fund CalSTRS, and Midtown Equities’ Joseph Cayre, who has Middle Eastern backers. SL Green reportedly partnered with Canadian pension fund SITQ Immobilier.