Report: Silverstein drops GM Building bid

Crain’s reports that World Trade Center-owner Larry Silverstein has dropped his bid for Harry Macklowe’s General Motors Building, while other unidentified bidders have emerged for the trophy tower. Silverstein reportedly pulled his bid because of concerns about developer Sheldon Solow’s latest lawsuit over the Fifth Avenue building. Solow claims in a state suit that Conseco, the building’s former owner, never properly sold the tower to Macklowe in 2003. The Post, however, reports that Silverstein in still angling for the white marble building and that “several bids” worth more than $3 billion were made. Joseph Cayre, a billionaire real estate investor, and SL Green also reportedly dropped out after being told that the minimum bid was $3 billion. Macklowe hopes to sell the building for $3.4 billion to pay down overdue short-term debt.