Posted Apr 17, 2024, 12:42 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,145
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Always the same game with Macklowe...
https://www.reuters.com/article/idUSN05116233/
Macklowe Properties in deal to regain Manhattan site
By Reuters
January 5, 2010
Quote:
Macklowe Properties and its new partner real estate fund manager CIM Group have signed a deal to purchase debt in order to take control of the site of the former Drake Hotel, a person familiar with the deal said on Tuesday.
The deal, which calls for Macklowe to buy back the debt at a discount with the help of CIM, is signed but has not yet closed, the source said. A deal would help founder Harry Macklowe salvage his investment of more than $220 million in the property.
Macklowe Properties defaulted upon the loans of several properties, including the Drake site at Park Avenue and 56th Street, when credit began to dry up in late 2007.
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Quote:
Macklowe Properties spent more than $600 million -- including $418 million for the 2006 purchase -- in mortgage and other debt to buy and demolish the Drake Hotel. He planned to build a hotel-condominium project on the Drake site and a neighboring property, according to court papers.
However, in 2008 Deutsche Bank, acting as the agent for the lenders, initiated foreclosure on the sites. By that time, the unpaid principal on the mortgages was $483 million, according to court documents.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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