Relevant:
- GE's 'Honey Pot' Properties Turn Sour
- Lenders Move to Foreclose on Macklowe Loan
- Macklowe to Sell GM Building This Month to Pay Debt, People Say
- Harry Macklowe skips rent at Mort Zuckerman's GM Building
- HSBC Tries To Sell Stake in Times Square Office Tower, Once Lost By Macklowe, for $445M (VALUED ABT. $250 mln in 2010)
2008-02-09 — reuters.com
The lack of agreement with the lenders technically could put Macklowe in default, the source said, adding that none of the lenders are currently pushing for foreclosure on the buildings.
Macklowe reportedly borrowed $5.8 billion in February 2007 from Deutsche Bank AG to buy seven Manhattan office buildings formerly owned by Equity Office Properties.
When Tycoons face foreclosure!
Congrats Deutsche Bank; you may soon find yourselves the proud owners of seven overpriced Manhattan office buildings. Or loans worth a lot less.
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