Macklowes Borrow $500 M. Against GM Building

Tue, 18 Sep 2007 13:22:05 -0400

A report on The Real Deal's Web site this morning cites city records showing that Macklowe Properties has borrowed $500 million against the famous General Motors building near Grand Army Plaza, which it bought for a then-record-breaking $1.4 billion in 2003.

According to the report, the company increased its mortgage on the building from $800 million to $1.3 billion in an arrangement with the company's lender, German American Capital Corp.

Macklowe has been an aggressive buyer this year. In a single February transaction the company bought eight buildings for a total of $7 billion, including 717 Fifth Avenue, Worldwide Plaza, 1301 Avenue of the Americas, Park Avenue Tower, 527 Madison Avenue, 1540 Broadway, 850 Third Avenue and Tower 56.

Observer » General Motors Building

Macklowes Borrow $500 M. Against GM Building