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	<title>Observer &#187; Billy Macklowe Grabs $25 M. Mortgage at 636 Sixth</title>
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		<title>Observer &#187; Billy Macklowe Grabs $25 M. Mortgage at 636 Sixth</title>
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		<title>Billy Macklowe Grabs $25 M. Mortgage at 636 Sixth</title>

		<comments>http://observer.com/2011/06/billy-macklowe-grabs-25-m-mortgage-at-636-sixth/#comments</comments>
		<pubDate>Thu, 02 Jun 2011 14:47:29 -0400</pubDate>
					<link>http://observer.com/2011/06/billy-macklowe-grabs-25-m-mortgage-at-636-sixth/</link>
			<dc:creator>Laura Kusisto</dc:creator>
				
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		<description><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/william-macklowe-headshot-2011.jpg?w=199&h=300" />The banks have welcomed Billy Macklowe back with open arms.&nbsp;</p>
<p>Mr. Macklowe has secured a $25 million mortgage at 636 Sixth Avenue, which he picked up for $45.2 million a few months ago. The lender was Capital One National Association.&nbsp;</p>
<p>When Mr. Macklowe bought the building with ING Clarion in January, he <a href="http://online.wsj.com/article/SB10001424052748704482704576072214142372464.html">told </a><em><a href="http://online.wsj.com/article/SB10001424052748704482704576072214142372464.html">The Journal</a> </em>it had been an all-cash buy, but he appears subsequently to have obtained the more than 50 percent financing, which closed May 2, according to public records.&nbsp;A spokesman for&nbsp;William Macklowe Company&nbsp;declined to comment on the nature of the financing.&nbsp;</p>
<p>The diminuitive six-story building at 19th Street marked a symbolic return for the developer ravaged by the downturn, after he and father Harry picked up <a href="/2011/real-estate/places-everyone-new-development-boom-about-start">seven skyscrapers for $7 billion at the peak of the market with a mere $50 million of their own money.</a>&nbsp;Six-thirty-six Sixth was Mr. Macklowe's first buy without dad, and he told <em>The Journal </em>then:&nbsp;"We have no legacy issues, everything is behind us."&nbsp;</p>
<p><em>lkusisto@observer.com&nbsp;</em></p>
]]></description>
		<content:encoded><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/william-macklowe-headshot-2011.jpg?w=199&h=300" />The banks have welcomed Billy Macklowe back with open arms.&nbsp;</p>
<p>Mr. Macklowe has secured a $25 million mortgage at 636 Sixth Avenue, which he picked up for $45.2 million a few months ago. The lender was Capital One National Association.&nbsp;</p>
<p>When Mr. Macklowe bought the building with ING Clarion in January, he <a href="http://online.wsj.com/article/SB10001424052748704482704576072214142372464.html">told </a><em><a href="http://online.wsj.com/article/SB10001424052748704482704576072214142372464.html">The Journal</a> </em>it had been an all-cash buy, but he appears subsequently to have obtained the more than 50 percent financing, which closed May 2, according to public records.&nbsp;A spokesman for&nbsp;William Macklowe Company&nbsp;declined to comment on the nature of the financing.&nbsp;</p>
<p>The diminuitive six-story building at 19th Street marked a symbolic return for the developer ravaged by the downturn, after he and father Harry picked up <a href="/2011/real-estate/places-everyone-new-development-boom-about-start">seven skyscrapers for $7 billion at the peak of the market with a mere $50 million of their own money.</a>&nbsp;Six-thirty-six Sixth was Mr. Macklowe's first buy without dad, and he told <em>The Journal </em>then:&nbsp;"We have no legacy issues, everything is behind us."&nbsp;</p>
<p><em>lkusisto@observer.com&nbsp;</em></p>
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