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Macklowe renovated the building for $150 million, creating the Apple Fifth Avenue space as well as 14,000 square feet (1,300 m2) of new retail space on the Madison Avenue side of the building. The debt was to come due within twelve months. That December, the property was recapitalized again, with $1.9 billion in new senior debt. Two months later, in February 2007, Macklowe borrowed $7.6 billion in short-term debt for the acquisition of seven other buildings. During this recapitalization, Macklowe also repurchased all of Jamestown’s preferred equity stake, leaving them as sole owners.
Conversely, there was also public praise for the building. Stern, Mellins & Fishman 1995, p. New York City Landmarks Preservation Commission. Brown, Nicole (March 18, 2019). “Why do some buildings have their own ZIP codes? NYCurious”. The Real Estate Record: Real Estate Record and Builders’ Guide. Vol. 79, no. 2038. April 6, 1907. p. New York City Department of City Planning. Daniels, Lee A. (January 29, 1984). “A Major New Landlord in the City”. The New York Times. Jackson, Kenneth T., ed. January 29, 1985. p.
Rather than selling the building outright, GM sold an option to CPI in January 1982, which allowed the latter firm to buy the building after 1991 at a minimum price of $500 million. The deal, believed to represent the largest mortgage ever for an office property in New York City, also made CPI the managers of the building. CPI paid $500 million in cash to GM and, in exchange, received ten-year, 10 percent notes with annual interest payments of $50 million.
Forsyth, Jennifer S. (February 16, 2008). “Fortress Gives Macklowe Extension, Staying a Possible Loan Foreclosure”. Bagli, Charles V. (May 25, 2008). “Macklowes Sell G.M. Building for $2.9 Billion”. Crain’s New York Business. Garber, Megan (July 16, 2015). “The Most Iconic Toy Store in America Taught Rich Kids How to Be Rich Adults”. New York Daily News. Frangos, Alex (May 26, 2008). “Macklowe Strikes Deal to Sell GM Building, Three Other Towers”. The New York Times. Leonard, Devin (February 15, 2008). “A Real estate mogul risks it all – Feb. 15, 2008”. CNN. Donohue, Pete (February 15, 2008). “MTA, city stand to make millions in sale of General Motors Building”. Kavoussi, Bonnie (June 10, 2009). “The Macklowe Selloff: What Happened to Harry’s Buildings”.
The New York Times. The New York Times. Newsday. October 31, 1987. p. The New York Times. McCain, Mark (July 23, 1989). “Commercial Property: Office Rents; Rock-Bottom and Top-Drawer Space in Manhattan”. The New York Times. The New York Times. Hylton, Richard (February 15, 1991). “Real Estate Group Buys G.M. Building”. The New York Times. The New York Times. Smothers, Ronald (April 9, 1986). “The F.A.O. Schwarz Move”. Berkowitz, Henry (August 29, 1988). “Going for Glitz in Office Space; Developers scramble to build high-rent space for the image-conscious”. In case you have virtually any questions concerning in which as well as how to use This building is selling condos for less than $50k, has anyone toured recently?, you’ll be able to contact us with our own web page.
