NEW YORK CITY-Harry Macklowe has agreed to pay nearly $250 million to purchase a rental building in Upper East Side. The developer, along with a financial partner, is buying the 19-story building at 737 Park Ave. from descendants of Louis Katz.
Macklowe has plans to turn the seven-year-old building, situated on the corner of Park Avenue and 71st Street, into condominiums. Jones Lang LaSalle has been marketing the property. Howard Michaels from the Carlton Group advised Macklowe in deal. For the full story, go to Wall Street Journal.
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