It turns out that even some real estate firms aren’t paying rent.
Harry Macklowe’s Macklowe Properties hasn’t paid up for its headquarters at the GM Building since March, according to the New York Post. The developer’s monthly bill for the 28,000-square-foot spread on the 21st floor is about $200,000.
Macklowe was forced to sell the tower at 767 Fifth Avenue during the 2008 financial crisis in order to pay down his debts. Boston Properties, now his landlord, paid $2.9 billion for the property, which turned out to be a profitable investment for the firm.
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Boston Properties’ Mort Zuckerman let Macklowe retain a token interest in the building through a $10 million stake in Boston Properties, according to the Post. The 2008 deal had saved Macklowe from dipping into his personal fortune, which was later split down the middle when he and his ex-wife Linda Macklowe divorced.
A source told the publication that Zuckerman and Boston Properties “saved him and gave him a sweetheart deal and this is how he behaves?”
Macklowe’s firm was one of the thousands of recipients of the Small Business Administration’s Paycheck Protection Program. [NYP] — Erin Hudson