Report: Cayre drops bids for GM Building

Larry Silverstein could face no competition to buy the General Motors Building from Harry Macklowe, now that billionaire real estate investor Joseph Cayre has reportedly dropped out after being told that the minimum bid was $3 billion. The second round of bids was due today, and Cayre reportedly dropped his bid to $2.8 billion. SL Green also reportedly dropped out after the first round of bids. Cayre, the owner of Midtown Equities and a co-owner of the Sears Tower, could re-enter the race if the minimum bid is lowered from $3 billion. But Macklowe hopes to sell the tower for $3.4 billion to pay an overdue loan and the debt owed on the building. Macklowe used the building as collateral last year for a $7 billion buying spree that landed him seven Manhattan skyscrapers.