How rich is Harry B. Macklowe?
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Macklowe is the son of a garment executive from Westchester County, NY. Macklowe is Jewish. Macklowe rapidly transitioned from agent to contractor. Keenly enthusiastic about architecture and contemporary artwork, he shortly became known for developing glossy modernistic buildings just like the Metropolitan Tower as well as for his starkly white minimalist offices. In 2003, he made his mark by buying the General Motors Building to get a record price of $1.4 billion. The worth of the skyscraper shortly doubled thanks in part to his setting an all-glass, submerged Apple shop in the building’s plaza; an thought he personally and successfully tossed to Steve Jobs. In February 2007, through the peak of the property marketplace, Macklowe bought seven Manhattan skyscrapers for $6.8 billion from the Blackstone Group. Macklowe used $50 million of his own cash and financed the remainder with $7 billion in short-term loans (due February 2008) from Deutsche Bank and the freely traded hedge fund the Fortress Investment Group. In early 2008, Macklowe neglected to refinance a $5.8 billion loan from Deutsche Bank. and lost all seven buildings. One of the buildings forfeited comprise the General Motors Building (which collateralized the loan) along with the Credit Lyonnais Building.