Thursday, January 31, 2008

DANG! Harry Macklowe giving buildings back to lenders

From Wall Street Journal:

Troubled 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 triumphantly acquired less than a year ago for $7.2 billion, according to a people familiar with the matter.

Mr. Macklowe borrowed $5.8 billion from Deutsche Bank to acquire the buildings in a highly leveraged transaction during the height of the real estate frenzy early last year. The debt is scheduled to come due on Feb. 9. But with the real estate debt ...


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