Macklowe’s Woes Continue as Firm Forfeits Another NYC TowerÂ
April 23rd, 2009
Macklowe Properties' financial troubles continue to chip away at the firm's New York City office portfolio. A month after having to sell off a major Manhattan tower, the company has just lost the 525,000-square-foot office building at 1330 Avenue of the Americas in a foreclosure auction. Montreal-based mortgage lender Otera Capital, which held a $130 million mezzanine loan on the property, placed a $100,000 bid and walked away from the auction as the new owner.Entry Filed under: News
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