Saturday, May 24, 2008

Macklowe - saved to the tune of $2.9 billion?

Nice money if you can get it. Of course, these numbers may not keep Harry on the next Forbes 400 list (as the story says), but it means he gets to pay off his nasty bridge/mezz loan and refi the balance. (Macklowe paid $1.4B for this building in 2003.)

The real story here is not that Boston Properties bought this puppy at 2 AM today. They are also buying another three other Midtown buildings for a billion or so. They apparently put down $165 MM is earnest money with a closing in the next few months (meaning -- OMG get this -- due diligence?!?!).

The $2.9 for the GM Building is a record for a single asset in the US. But I am on vacation so I don't have the resources to look up some price estimates on the other buildings.

1 comments:

Lisa Michelle Galley: said...

I think some real estate investors have more lives than a cat. It'll be interesting to see what's next for Macklowe.

 
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