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