Even Manhattan Skyscrapers in Default
One year ago, New York developer Harry Macklowe, amassed a $7 billion debt on seven Manhattan office towers...
Buying four of the seven midtown Manhattan skyscrapers from Equity Office Properties Trust in the biggest Manhattan real estate deal ever.
Today Macklowe reached agreement with creditors Deutsche Bank AG and Fortress Investment Group LLC to extend the time for repayment.
The announcement comes four days after Deutsche Bank served Macklowe with a notice of default on $3.1 billion he owes.
Today was the deadline for bids for Macklowe's General Motors Building on Fifth Avenue in New York.
Macklowe paid $1.4 billion for the property in 2003 and had pledged his stake in the building as collateral for the Fortress loan. Hattip to Bloomberg.
Buying four of the seven midtown Manhattan skyscrapers from Equity Office Properties Trust in the biggest Manhattan real estate deal ever.
Today Macklowe reached agreement with creditors Deutsche Bank AG and Fortress Investment Group LLC to extend the time for repayment.
The announcement comes four days after Deutsche Bank served Macklowe with a notice of default on $3.1 billion he owes.
Today was the deadline for bids for Macklowe's General Motors Building on Fifth Avenue in New York.
Macklowe paid $1.4 billion for the property in 2003 and had pledged his stake in the building as collateral for the Fortress loan. Hattip to Bloomberg.
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