Fees for GM Building sale could hit $300M

After all the negotiations and reams of paperwork are done, the sale of Harry Macklowe’s General Motors Building could add to up to $300 million in expenses. Those include taxes, attorney fees, mortgage and real estate broker commissions, and property assessments. Law firms that could cash in on the deal include Skadden, Arps, Slate, Meagher & Flom, and Fried, Frank, Harris, Shriver & Jacobson. If Macklowe succeeds in selling the building for $3.5 billion, the tax bill could reach $114 million, and as the seller he would have to pay $91.9 million for the real property transfer tax.