A group led by Mortimer B. Zuckerman, chief executive of Boston Properties, a publicly traded real estate company, is buying the General Motors Building and three other Midtown towers from the financially troubled Macklowe family for $3.95 billion.
The deal, which has been brewing for months as the Macklowes sought to get out from under more than $7 billion in debt, is a victory for Mr. Zuckerman, owner of The Daily News, and his partners, Goldman Sachs and the nations of Qatar and Kuwait, who paid about $2.9 billion for the 50-story, white marble G.M. Building on Fifth Avenue at 59th Street. It is the highest price ever paid for an American office tower.
The sale of the building represents the loss of the crown jewel of the Macklowe real estate empire. The travail of the Macklowes and the fate of the G.M. Building have been closely watched by real estate and banking executives, both for the family drama and as an indication of the real estate market’s health.
The deal, which has been brewing for months as the Macklowes sought to get out from under more than $7 billion in debt, is a victory for Mr. Zuckerman, owner of The Daily News, and his partners, Goldman Sachs and the nations of Qatar and Kuwait, who paid about $2.9 billion for the 50-story, white marble G.M. Building on Fifth Avenue at 59th Street. It is the highest price ever paid for an American office tower.
The sale of the building represents the loss of the crown jewel of the Macklowe real estate empire. The travail of the Macklowes and the fate of the G.M. Building have been closely watched by real estate and banking executives, both for the family drama and as an indication of the real estate market’s health.
topics:
Economy,
Collective Journalism,
Money,
Business,
New York,
Manhattan,
Kuwait,
Qatar,
1 more
+ add
-
-
-
-
- merasyad
- added this
- added May 25, 2008
- flag
Login/Registration is required to add a response
