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Real Estate & Property Law

: Real Estate Space

Macklowe and his Capital

By Doug Cornelius

According to the Wall Street Journal, Harry Macklowe is still battling his lenders and his lenders are battling each other over his New York skyscrapers: Macklowe, Lenders Seek a Deal. At stake are: 717 Fifth Avenue, Worldwide Plaza, 1301 Avenue of the Americas, Park Avenue Tower, 527 Madison Avenue, 1540 Broadway, 850 Third Avenue and Tower 56 with about 6.5 million square feet of space.It looks like his senior debt with Deutsche Bank is due shortly. Given the state of the debt markets he is no position to refinance that senior loan. On top of that, he needs to satisfy his subordinate lenders in mezzanine and other higher tranches of debt. According to the article, there are 20 other lenders holding subordinate debt. I would assume that Mr...continue to full post

Full post as published by Real Estate Space on February 08, 2008 (boomark / email).

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