Somerset to buy Macklowe’s 527 Madison Ave.

Somerset Partners is angling to buy Macklowe Properties’ 527 Madison Avenue this week for about $260 million, or $1,100 per square foot. Macklowe paid less than $235 million for the building last year. Last week, Transwestern Investment Co. was preparing to buy another Macklowe property, Tower 56 at 126 East 56th Street, for $160 million.