The Wall Street Journal is reporting that Harry Macklowe is selling the GM building for the equivalent of $4B ($1.5B cash, $2.5B debt transfer). That's a lot of donuts!
Based on what I gleaned from the article and my limited knowledge of commercial real estate, the purchase was a big risk from the get go. Since then, the market has unfortunately slowed quite a bit, and its a tough loss.
It also sounded like Macklowe is down but not out. Like I always say - money and value are both a mixture between reality and a figment of your imagination. Sometimes its more real than imaginary, and sometimes more of a fantasy! :-)
Based on what I gleaned from the article and my limited knowledge of commercial real estate, the purchase was a big risk from the get go. Since then, the market has unfortunately slowed quite a bit, and its a tough loss.
It also sounded like Macklowe is down but not out. Like I always say - money and value are both a mixture between reality and a figment of your imagination. Sometimes its more real than imaginary, and sometimes more of a fantasy! :-)
