Macklowe Adds Midtown Retail Property

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

Leed by chairman Harry Macklowe, Macklowe is widely described as the co-developer with CIM Group of the condominium tower. The former company was the driving force behind assembling the land above the site on which the high-priced residential condo with retail at the base is now rising. But in 2010 his lenders forced a sale of the property for more than $200 million less than the value of the loans on the property and insiders believe Macklowe’s equity stake was wiped out, the Deal reports.