Billy Batting for Harry

harryandbilly Billy Batting for HarryBilly Macklowe, president of Macklowe Properties since 2002, is expected in the next few weeks to succeed his father as chairman of the firm, according to the Wall Street Journal this morning.

The succession, not entirely voluntary on Harry’s part, is fallout from the nearly $4 billion deal cut over the weekend that cost the Macklowes ownership of their jewel, the GM Building at 767 Fifth Avenue, as well as three other Midtown towers.

That deal was spawned from a trade nearly 15 months ago in which the Macklowes bought seven Manhattan towers from the Blackstone Group for $7 billion. Much of that $7 billion was borrowed, and the intervening credit crisis plunged the House of Macklowe into disagreement over how to repay the loans.

Now that the dust has settled, 40-year-old Billy has begun to clean house, according to the Journal, getting rid of some of 70-year-old Harry’s advisers and replacing them with consultants from Citigroup and brokerage CB Richard Ellis, which handled last weekend’s deal.

"I have my word and my reputation," Billy told the Journal regarding that deal. "I did exactly what I said I was going to do. Nobody got hurt and everybody is getting their full recovery."

Article continues below
More from Politics
(FILES): These two file photos show then Labor Secretary Thomas Perez (L) speaking to reporters about the minimum wage for federal contractors at the White House in Washington, DC, on Feburary 12, 2014; and Minnesota Democratic Congressman Keith Ellison (R) during a press conference about Islamophobia at the National Press Club on May 24, 2016 in Washington, DC.

US Democrats, licking their wounds from last year's election debacle, will pick a new leader on February 25, 2017 to take the fight to President Donald Trump and his Republicans. The race to chair the Democratic National Committee (DNC) features front-runners Tom Perez, a Hispanic-American and former secretary of labor under Barack Obama who is the establishment pick, and Keith Ellison, a black Muslim congressman from the party's progressive wing who has left open the prospect of pushing to impeach Trump. / AFP / Mandel NGAN AND Brendan SMIALOWSKI        (Photo credit should read MANDEL NGAN,BRENDAN SMIALOWSKI/AFP/Getty Images)
Sanders 2020 Just Became Much More Likely With Tom Perez as DNC Chair