Harry and Billy won’t get all eight buildings from Blackstone, after all.
The Wall Street Journal reports (subscription) that the Macklowes will not acquire 717 Fifth Avenue from Blackstone. Apparently, SL Green and retail developer Jeff Sutton had dibs on the building and the right of first refusal to purchase the office portion if it changed hands.
Billy Macklowe told the Journal the process was tied up in negotiations and it got to the point where it wasn’t worth it.
For shame. The Journal does not say whether this will affect the $7 billion price tag the Macklowes put down for the eight buildings, including the $1.73 billion they paid for 825 Eighth Avenue. All other seven building sales have closed.