$600M Worldwide Plaza sale approved

$600M Worldwide Plaza sale approved
July 07, 2009 12:32PM

http://therealdeal.com/blog/2009/07/07/george-comfort-completes-worldwide-plaza-deal-deutshce-bank-rcg-longview-macklowe-properties/

After the last deal fell apart, George Comfort & Sons and RCG Longview finally completed a $600 million deal with Deutsche Bank to purchase Worldwide Plaza. Rather than creating a joint venture, Deutsche Bank will just provide a $470 million mortgage for George Comfort and put up about $135 million in equity. The price comes to about $375 a square foot for the 1.6 million-square-foot tower at 825 Eighth Avenue, and the deal is expected to close later this month. As part of the agreement, Deutsche Bank will write down the original $1 billion mortgage it held on the property when Macklowe Properties bought the building in 2007.

http://therealdeal.com/blog/2009/07/07/george-comfort-completes-worldwide-plaza-deal-deutshce-bank-rcg-longview-macklowe-properties/

Worldwide Plaza for sale

Worldwide Plaza for sale
May 27, 2009 09:00 AM

Worldwide Plaza, the last piece of Macklowe Properties’ portfolio, is for sale. The lender in control of the 1.7 million-square-foot building, Deutsche Bank, wants to retain an ownership stake, but is also prepared to write down the current $1.02 billion in outstanding principal to an $800 million mortgage. The buyer of the building at 825 Eighth Avenue, at 50th Street, is expected to contribute $200 million in equity, and the deal would be valued between $300 and $350 per foot. The leading potential buyer, according to the Post, is George Comfort & Sons. According to CoStar Group, 639,540 square feet is available in the building.

http://therealdeal.com/blog/2009/05/27/worldwide-plaza-for-sale-macklowe-deutsche-bank/

Real-Estate Credit Crisis Squeezes Macklowe

February 1, 2008
Real-Estate Credit Crisis Squeezes Macklowe

BY JENNIFER S. FORSYTH

New York real-estate titan Harry Macklowe has reached a tentative agreement with his lender to turn over effective control of seven Manhattan office buildings he acquired less than a year ago for $7 billion, according to people familiar with the matter.

http://online.wsj.com/article/SB120181345769733089.html

The King of Hedge Fund Alley

The King of Hedge Fund Alley

by Adam Piore
May 31, 2007 | 12:00 am EDT

Not so long ago, Harry Macklowe was perhaps best known for his long-running feud with billionaire homemaker Martha Stewart.

Throughout the mid-1990s, the two East Hampton, New York, neighbors engaged in a thorny battle over the size of Macklowe’s hedges, his lighting fixtures, and a fence that Stewart complained blocked her view of a pond. The feud cost hundreds of thousands of dollars in legal fees and became juicy tabloid fodder when Macklowe’s 23-year-old handyman accused Stewart of pinning him against a gate control box with her Chevy Suburban.

http://upstart.bizjournals.com/executives/features/2007/05/31/The-King-of-Hedge-Fund-Alley.html