Harry Macklowe, the New York City developer who is famous for his Houdini type escapes from impending doom, has sold the GM Building and 3 others to a group led by Mort Zuckerman. Macklowe was on the verge of bankruptcy when the shrinking credit market made it impossible for him to refinance some debt.
As the company saving transaction went down the word on the street is that Harry’s son, William, is taking over the company. The son, less prone to entrepreneurial risk, is expected to transition the company from it’s present bet big volatile entity to a more traditional real estate empire.
While this is probably good for the company it is a shame for those of us who have grown up following the exploits of Harry Macklowe. He was a true capitalist’s capitalist.
