Hot damn! The Real Deal is reporting that Deutsche Bank is suing Macklowe Properties "to foreclose on $482 million in principal loaned to develop the Drake Hotel site at Park Avenue and 56th Street, according to a complaint filed [on Aug. 28] in New York State Supreme Court."
According to the report:
"The Read More
In the wake of his father Harry’s near disastrous over-leveraging of the family business, Billy Macklowe has officially been named Macklowe Properties’ new chairman and CEO. He has been working with his father since 1992, after a stint as a real estate finance analyst for Manufactures Hanover.
His father Harry has been named Chairman Emeritus Read More
Early on Tuesday afternoon, Mort Zuckerman told a REBNY luncheon that he and his partners were closing on the approximately $2.8 billion purchase of the GM Building "as we speak."
At 4:38 p.m., a deed hit city records marking a $690 million transaction between Mr. Zuckerman’s group and Macklowe Properties, the former owner of Read More
The GM Building sale is "closing as we speak." That’s according to Mort Zuckerman, who is addressing a Real Estate Board of New York luncheon this afternoon.
Mr. Zuckerman’s Boston Properties, along with partners including Goldman Sachs, negotiated the purchase of the Macklowe Properties building late last month in a deal that valued it Read More
Boston Properties’ purchase of the GM Building has not even gone through yet, but it appears that Mort Zuckerman is already shaking things up at the Midtown office tower he and his partners are expected to formally own within the next week.
We visited the GM Building after the deal was negotiated over Read More
Whew, done already? Macklowe Properties has closed on eight EOP buildings for $7 billion. Harry Macklowe swept in and bought the buildings from Blackstone.
The only building not included? 1095 Avenue of the Americas.
Release after the jump.
- John Koblin
MACKLOWE PROPERTIES BUYS EIGHT
MANHATTAN OFFICE BUILDINGS Read More