Macklowe Giving New York Properties Back To Deutsche Bank
The perils of borrowing in a credit crunch are not only felt by the homeowners but also with the big boys.
Harry Macklowe, one of the heavyweight real estate players in New York, is facing the credit crunch head on as he is unable to find financing on 7 properties that he purchased last year for 7 billion dollars. Now he may be forced to turn them over to Deutsche Bank who holds a 5.8 billion dollar loan on them.
Talk about taking a 1.2 billion dollar haircut in one year.
Real-estate titan Harry Macklowe has reached a tentative deal to turn over to Deutsche Bank effective control of seven Manhattan office buildings he acquired less than a year ago for 7 bln usd, the Wall Street Journal reported.
Macklowe borrowed 5.8 bln usd from the bank to acquire the buildings early last year. The debt is scheduled to come due on Feb 9 but Macklowe has found no way to refinance that debt, the newspaper quoted people familiar with the matter as saying. via Forbes.com.
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Pingback by Buying in New York’s Plaza Hotel May Be A Sign Of a Bad CEO — The Real Estate Bloggers on 6 April 2008:
[...] Harry Macklowe, noted New York developer, bought a unit. Now he is doing all he can to avoid losing all of his New York properties to repay a billion dollar loan. [...]