NEW YORK CITY—Macklowe Properties—along with an unidentifiedforeign equity partner—is buying the retail space at 432 Park Ave.for approximately $450 million from CIM Group, according to TheReal Deal.

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Leed by chairman Harry Macklowe, Macklowe is widely described asthe co-developer with CIM Group of the condominium tower. Theformer company was the driving force behind assembling the landabove the site on which the high-priced residential condo withretail at the base is now rising. But in 2010 his lenders forced asale of the property for more than $200 million less than the valueof the loans on the property and insiders believe Macklowe's equitystake was wiped out, the Deal reports.

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Macklowe Properties and CIM, through spokespersons, declined tocomment. The tower has entrances on Park Avenue, 56th street and57th street.

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There are said to be three retail condominium units of 9,276square feet; 42,258 square feet and 23,282 square feet, or a totalof 74,816 square feet. The purchase price would equate to about$6,000 per square foot.

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Adjacent to the building is 450 Park Ave., which was purchasedin full just over a month ago by a partnership of CrownAcquisitions and Oxford Properties Group. Crown and Oxford paid$546 million for the building, with more than half of thevalue in the approximately 35,000 square feet of retail at the baseof the building, estimated to be about $7,000 per square foot.

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Crown also made a big retail play Thursday when it purchased the retail atthe storied St. Regis New York for about $700 million in apartnership with Vornado Realty

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.