Harry B. Macklowe
| Harry B. Macklowe | |
|---|---|
| Born | 1937 (age 79–80) |
| Nationality | United States |
| Occupation | Real estate investor |
| Known for | Founder of Macklowe Properties |
| Net worth | $2.0 billion (2007) |
| Spouse(s) | Linda Burg |
| Children | William S. Macklowe Elizabeth Macklowe |
Harry B. Macklowe (born 1937) is a New York City real estate developer and investor.
Macklowe was born to a Jewish family, the son of a garment executive from Westchester County, New York. He graduated from New Rochelle High School in 1955 and attended the University of Alabama, New York University and the School of Visual Arts before dropping out and becoming a real estate broker in 1960.
Macklowe quickly transitioned from broker to builder. Keenly interested in architecture and modern art, he soon became known for developing sleek modernistic buildings like the Metropolitan Tower and for his starkly white minimalist offices. His firm, Macklowe Properties owns a number of New York landmarks including 400 Madison Avenue, 540 Madison Avenue, the historic Drake Hotel (which he demolished to make way for 432 Park Avenue) and Two Grand Central Tower. In 1985, Macklowe was fined $2 million for ordering the late-night demolition, without a permit, of four buildings, including a welfare hotel, in Times Square. In 2003, he made his mark by purchasing the General Motors Building for a record price of $1.4 billion. The value of the skyscraper soon doubled thanks in part to persuading Apple to build a subterranean Apple retail store beneath the building's plaza; an idea he personally and successfully pitched to Steve Jobs. Jobs then proposed that the entrance to the sunken store be an iconic 32 foot, all-glass cube which the city approved and was opened to the public in 2006.
In February 2007, during the peak of the real estate market, Macklowe purchased seven Manhattan skyscrapers for $6.8 billion from the Blackstone Group. Macklowe used $50 million of his own money and financed the rest with $7 billion in short term loans (due February 2008) from Deutsche Bank and the publicly traded hedge fund the Fortress Investment Group. In early 2008, Macklowe failed to refinance a $5.8 billion loan from Deutsche Bank. and lost all seven buildings. Among the buildings forfeited include the General Motors Building (which collateralized the loan) and the Credit Lyonnais Building.
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