Posted Oct 4, 2019, 1:17 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,907
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https://therealdeal.com/2019/10/03/h...wn-skyscraper/
Harry Macklowe just got $192M closer to building his Midtown skyscraper
Money comes from Fortress Investment Group
By Eddie Small
October 03, 2019
Quote:
Harry Macklowe just landed a massive refinancing package for his massive Midtown skyscraper plans.
The octogenarian’s company Macklowe Properties landed a roughly $192 million refinancing from Fortress Investment Group for three parcels at 17 East 47th Street, 5 East 51st Street and 12 East 52nd Street, according to property records. The 51st Street and 52nd Street parcels are part of the assemblage Macklowe has been putting together for an office building dubbed “Tower Fifth” that would stand about 1,500 feet tall, span 1 million square feet and likely cost more than $1 billion.
The refinancing includes a new mortgage for about $50 million and replaces a prior $124 million loan, also from Fortress.
Macklowe bought the six-story rental building at 5 East 51st Street from Noam Management in March for $44 million.
Representatives for Macklowe did not respond to a request for comment, and representatives for Fortress declined to comment. It was not immediately clear if 17 East 47th Street was part of his assemblage play as well, as he had initially been targeting 5-9 East 51st Street and 12-20 East 52nd Street.
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