Macklowe Strikes Deal To Sell GM Building, Three Other Towers


	Macklowe Strikes Deal To Sell GM Building, Three Other Towers

Forbes Markets

5-24-2008 5:31 PM

992 views

tags:

real estate, credit crunch, harry macklowe

Forbes Markets says:

Further dismantling of the Maklowe empire. Real estate slumps do him no favors.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/fa1242e1-7f7e-4525-9e3a-95e237d6703b/AF6C0F57-F6BA-40D3-877E-0346165EC56E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://online.wsj.com/article/SB121165634730019981.html?mod=hps_us_whats_news" href="http://online.wsj.com/article/SB121165634730019981.html?mod=hps_us_whats_news" style="font-size: 11px;">online.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB121165634730019981.html?mod=hps_us_whats_news"><P class="times">Embattled New York real-estate mogul Harry Macklowe has agreed to sell his prized asset, the General Motors building, and three other New York office towers to a group that includes <A href="http://online.wsj.com/quotes/main.html?type=djn&symbol=bxp" class="times rolloverQuote">Boston Properties</A> and <A href="http://online.wsj.com/quotes/main.html?type=djn&symbol=gs" class="times rolloverQuote">Goldman Sachs Group</A> Inc. for $1.5 billion and the assumption of $2.5 billion in debt.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB121165634730019981.html?mod=hps_us_whats_news"><P class="times">The deal, announced Saturday, effectively rescues Mr. Macklowe from a financial crisis that he brought upon himself by buying a package of seven Manhattan skyscrapers from the Blackstone Group for $7 billion last year at the top of the market. The most dangerous piece of his financing package in that deal was a $1.4 billion loan from Fortress Investment Group that went into default in February. His deal with Boston Properties, which was announced today, will generate enough cash for him to pay off Fortress.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/AF6C0F57-F6BA-40D3-877E-0346165EC56E/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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