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	<title>Observer &#187; Macklowes Might Sell Towers</title>
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		<title>Observer &#187; Macklowes Might Sell Towers</title>
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		<title>Macklowes Might Sell Towers</title>

		<comments>http://observer.com/2007/08/macklowes-might-sell-towers/#comments</comments>
		<pubDate>Wed, 01 Aug 2007 20:05:54 -0400</pubDate>
					<link>http://observer.com/2007/08/macklowes-might-sell-towers/</link>
			<dc:creator>John Koblin</dc:creator>
				
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		<description><![CDATA[<p>The Macklowes are considering a plan to sell a few towers from their massive <a href="http://www.nyobserver.com/node/35722">seven-building portfolio buy</a> in February.</span>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">Billy Macklowe told <em>Crain’s</em> 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.”</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman"> </span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">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.</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman"> </span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">“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.</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman"> </span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">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).</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">Compare that to Douglas Durst, who <a href="/2007/encore-two-more-soho-buildings-go-1-000-foot?page=0%2C1">told <em>The</em> <em>Observer </em>back in May</a> 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.”</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">Hmmm. Who’s gonna be right?</span></p>
]]></description>
		<content:encoded><![CDATA[<p>The Macklowes are considering a plan to sell a few towers from their massive <a href="http://www.nyobserver.com/node/35722">seven-building portfolio buy</a> in February.</span>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">Billy Macklowe told <em>Crain’s</em> 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.”</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman"> </span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">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.</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman"> </span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">“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.</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman"> </span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">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).</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">Compare that to Douglas Durst, who <a href="/2007/encore-two-more-soho-buildings-go-1-000-foot?page=0%2C1">told <em>The</em> <em>Observer </em>back in May</a> 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.”</span></p>
<p style="margin: 0in 0in 0pt" class="MsoNormal"><span style="font-size: small;font-family: Times New Roman">Hmmm. Who’s gonna be right?</span></p>
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