Monday, February 1, 2010

Macklowe Exits The Residential Business. It's been a long, ugly couple of years for Harry Macklowe whose ill fated dealings with Sam Zell a couple of years ago has cost him the majority of his empire. Latest to go, three residential towers: The River Tower (pictured left) on 54th Street and First Avenue, 777 Sixth Avenue, and The Longacre House at 50th and Eighth Avenue. The deal for the 910 total units included in the deal is said to total around $450 Million. Ironically, the sale was to Zell's Equity Residential. In a related story, Macklowe has sold off his interest in the prized Drake Hotel site on 56th and Park to CIM Group for $305 Million. it is unclear at this point if Macklowe will retain any interest in the Park Avenue site.
Three Macklowe Towers Snapped Up By Sam Zell (Crain's)

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