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Old Posted Jan 16, 2019, 1:35 AM
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https://www.crainsnewyork.com/real-e...-midtown-tower

Macklowe locks down another parcel for potential Midtown tower

January 15, 2019
JOE ANUTA


Quote:
Developer Harry Macklowe snagged a midtown parcel last month that is likely tied to a soaring office tower he is planning just north of St. Patrick's Cathedral.

A limited-liability company that appears to be tied to Macklowe Properties signed an agreement Dec. 27 with the owner of 5 E. 51st St. to purchase the four-floor apartment building with ground-floor retail. The deal is scheduled to close Feb. 5 and the price was not disclosed. Macklowe Properties and the owner, a limited-liability company tied to Acuity Capital Partners, did not comment by press time.
Quote:
Macklowe has been aiming to assemble five mid-block properties between Madison and Fifth avenues and East 51st and East 52nd streets in order to raze them and erect a soaring office tower called Saint Stevens New York, according to a June report in The Real Deal. At the time, the octogenarian developer controlled two buildings along East 52nd Street. And in August, Macklowe took out a $46 million mortgage from Fortress Investment Group on one of those properties.

Last month's agreement brings the official assemblage to three parcels, though it is unclear whether the firm has more tied up in contract. According to The Real Deal report, Macklowe would still need two other buildings on the block and a healthy supply of air rights to boost the size of the building to 1 million square feet. St. Patrick's Cathedral across the street has nearly 1 million square feet of unused development rights to sell, and would be a likely source.
Quote:
Any tower built there would fall within the East Midtown rezoning, according to the Department of City Planning. But because Macklowe could theoretically purchase the air rights directly from the Archdiocese of New York, instead of using a new system set up specifically for the rezoning that also funds transit and pedestrian improvements, the extent of any public benefit is unclear.
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