In 2008 he was forced to sell his share of the property to CIM for $315 million, after Deutsche Bank called in mortgages of more than $500 million..
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
Harry Macklowe’s real estate firm Macklowe Properties is acquiring the retail space at the 432 Park Avenue condominium tower in Manhattan, currently under construction, for $450 million, from CIM Group. It’s doing it in partnership with an anonymous foreign investor, according to a report in The Real Deal. Macklowe is co-owner with CIM of the property.
The building will reportedly offer three retail condominium units: A with 9, 276 square feet, B with 42, 258 square feet and C, with 23, 282 square feet, for a total of 74, 816 square feet.
Macklowe, the son of a Jewish garment executive from New Rochelle, New York, is said to be interested in combining the retail space there with that in neighboring Park Ave properties which he already owns, such as number 450, an office building he co-owns with Oxford Properties Group. That building was acquired just a few months ago, for $545.75 million and holds more than 35, 000 square feet of retail space.
The Real Estate firm also holds several properties on neighboring 57th Street. It’s also currently working on a condominium project at nearby 737 Park Ave, at the corner of 71st Street.
Development of the site was made possible after Macklowe Properties purchased the old Drake hotel in 2006, for $418 million. That building was demolished to make room for the new tower.
In the past, Harry Macklowe had financial problems with the 432 Park Ave project. While continuing as the site’s developer, in 2008 he was forced to sell his share of the property to CIM for $315 million, after Deutsche Bank called in mortgages of more than $500 million.
When completed, 432 Park Avenue will reach a height of 1, 398 feet, making it New York City’s second tallest building and the tallest residential building anywhere in the Western Hemisphere. It will have 125 condominium apartments.
Founded in the mid-1960’s, Macklowe Properties has successfully achieved a full level of vertical integration, combining design, planning, construction, management, accounting, and executive-level ownership and operation to provide for absolute responsibility and control over its assets. In aggregate, these developments have totaled over 13 million square feet, in nearly every commercial and residential submarket of Manhattan.