Rytmeposten, Odense 16. juni 2004
det er den fedeste koncert
Real estateCoach Factory Online consultants and one person involvedCoach Outlet Online with the project believe that Mr. Macklowe will be able to share in the glory, but with little to no chance for outsize Louis Vuitton Beltfinancial gains if 432 Park Avenue becomes a roaring success on the scale of, say, 15 Central Park West.A more likely scenario, real estate consultants said, is that Coach Outlet StoreMr. Macklowe is acting as a consultant or “fee developer” on 432 Park Avenue, lending his expertise for an upfront fee or salary.Neither CIM Group nor Mr. Macklowe would Gucci Beltcomment on his role in 432 Park. The development has yet to set up a sales center, although discussions are already under way with potential buyers, brokers said. Foundation work is wrapping Coach Factory Outlet Onlineup, and the building will soon start to rise.That Mr. Macklowe, 75, has been able to claw back time and again speaks as much to his never-say-die nature asCoach Factory Store it does to the clubby world of powerful New York developers, who seem to find lenders willing to bet on them time and again. As my colleague Charles Bagli noted lastCoach Factory Online year, there have been surprisingly few fatalities among New York developers, even as they have “lost billions of investor dollars on overpriced real estate and have Coach Factory Outletlittered the city with unfinished apartment buildings.”The son of a Westchester County garment executive, Mr. Macklowe has a storied and rocky past. In more than five Coach Outlet Onlinedecades in the real estate business, he has survived three disastrous falls from titan to overleveraged also-ran.A college dropout, Mr. Macklowe got his start inCoach Bags Outlet the business in 1960 as a real estate broker. By the 1980s he was a developer. Early in his career he was best known among New Yorkers for his company’s involvement Coach Factory Onlinein the 1985 late-night Coach Factory Outlet Onlinedemolition — without a permit — of two single-room-occupancy hotels near Times Square, just hours before a law went into effect that would have protected the buildings.Sometimes he has shown great timing. In October 1987, on the day the stock market crashed, he soldCoach Factory Outlet a package of 15 buildings to Joseph Neumann for $350 million — $120 million more than Mr. Macklowe and his partners had paid for them 10 months earlier.His Hermes Beltbiggest success came with his 2003 purchase of Coach Factory Onlinethe General Motors Building for the then-record price of $1.4 billion.