He may push 90, but Harry Macklowe is still angry with real estate.
The productive developer has just been concluded a deal to redevelop an apartment building from the 1920s on Madison Avenue in Ultraluxury condos. MackloWe bought the limestone and brick building in 809 Madison on the “Gold Coast” Upper East Side of Churchill Real Estate holdings for $ 49 million, said sources The real deal.
That is a discount of the $ 55 million Churchill that was originally paid for the building in 2019, probably because it is a difficult project that is a few years of confused potential developers. The building, on the corner of East 68th Street, is located in the Upper East Side Historic District and any changes to this require approval from the Landmarks Preservation Commission.
Macklowwe was able to get the LPC on board with its plans, according to sources, including the use of air rights he has acquired to expand the building and convert it into large apartments with a single floor of 4,000 square feet. There will also be an extensive penthouse with a terrace of 1500 square foot.
He works together with the SK development of Abe and Scott Shnay on the conversion, which will be designed by Robert am Stern- and SLCE architects. Apartments are expected to sell for more than $ 20 million.
Representatives of MacKlowe and Churchill could not be reached immediately for comment.
Infinite Global Partners, led by former Silverstein Properties CEO Marty Burger, and related funds gave a construction loan. Sculptor Capital Management and Circle Property Partners offer preference equity, and a handful of family agencies, small funds and ultra-high-worthy investors come in as limited partners.
Michael Campbell from the Carlton Group arranged the financing.
Macklowwe, who turned 88 in August, started a new development project in Manhattan ten years ago when he bought a Wall Street for $ 585 million. The conversion project of $ 2 billion has had its ups and downs, and after a period of slow sale has seen an increase in contracts.
Earlier this year he sold an office building of the Midtown that was part of his Tower Fifth Development site, which apparently renounced his long plan to develop a SuperTall office tower on the site.
Although things in the field of development can be a bit slower, he has certainly not been quiet. MackloWe’s grabbed headlines with a controversial separation in 2018 and a long legal battle with Cim Group, his partner at 432 Park.
Earlier this year, he sued the Israel Discount Bank of New York and tried to prevent the lender to prevent his interests in a few real estate investment confidence.
In Florida he works together with the related group of Jorge Pérez to build an apartment with two tower in the village of North Bay.
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