The Macklowes are considering a plan to sell a few towers from their massive seven-building portfolio buy in February.
Billy Macklowe told Crain’s this week that when he and father Harry bought the portfolio they “always considered an exit,” which could take the form of finding a financial partner for some of the towers or “the sale of one or two buildings.”
And, unlike some other commercial tycoons, he’s entirely confident in the market – no matter what’s happening with the subprime market or a more troubling financial climate.
“I think it’s quite possible that by the end of 2007, or sometime in 2008, we might actually see a $2,000 per-square-foot sale,” he said.
Mr. Macklowe said that there’s a rising demand in the commercial market and “I think that trend will continue.” When he was asked what could slow down the market, he said, “I don’t know how much of a reversal we’d see in the marketplace,” and pointed to the city’s low vacancy rate (translation: nothing will slow it down).
Compare that to Douglas Durst, who told The Observer back in May that given the recent surge with preemptive buys that: “I think it is an indication that the market is getting to the top,” said Mr. Durst. “It is not a healthy sign.”
Hmmm. Who’s gonna be right?