NEW YORK (Reuters) - New York developer Harry Macklowe, who rolled the dice during the commercial property boom and lost the General Motors Building, officially split with his son, who has launched William Macklowe Co.
William Macklowe, 42, took with him a team of a dozen professionals from Macklowe Properties and set up shop, the new company said on Monday.
William Macklowe Co will focus on acquisitions, strategic lending, real estate correlated investments and portfolio acquisitions in and out of New York City, the company said.
Harry Macklowe, a New York real estate icon is known for visionary projects, such as the redevelopment of the GM Building. He is credited with the idea to build a glass cube for the entrance for Apple Inc's underground flagship Manhattan store. He also was known for taking big risks, with many paying off.
But his last big purchase -- $7 billion for the most of the New York portfolio of Equity Office -- resulted in him losing the GM Building to repay a loan when he got caught in the credit crisis.
William Macklowe Co also said it has successfully refinanced two portfolio properties.
The company refinanced a 22-story office building at 400 Madison Ave. with a $66.5 million loan from Metropolitan Life Insurance Co and Malkin Strategic Capital. It also refinanced and office/retail building at 610 Broadway in Soho with a $43 first mortgage from Eurohypo.
(Reporting by Ilaina Jonas; Editing by Tim Dobbyn)
