Three Macklowe towers snapped up by Sam Zell

http://www.crainsnewyork.com/article/20100201/FREE/100209995 Embattled developer Harry Macklowe exits the New York City residential market with sale of Manhattan apartment buildings and a total of 910 units to Equity Residential. --------------- i just want to take this opportunity to take my hat to sam zell. this guy sold his CRE company at the peak to Macklowe, who is in total retreat due to... [more]

http://www.crainsnewyork.com/article/20100201/FREE/100209995 Embattled developer Harry Macklowe exits the New York City residential market with sale of Manhattan apartment buildings and a total of 910 units to Equity Residential. --------------- i just want to take this opportunity to take my hat to sam zell. this guy sold his CRE company at the peak to Macklowe, who is in total retreat due to having drunk the kool-aid... meanwhile sam fulfilled his dream of owning (but with almost 0 skin in the game) a newspaper... as buffett, he got the newspaper bug from being a delivery boy. but, sam always knew newspapers are on retreat. now that CRE is in shambles he comes back to pick up his previous buildings on the cheap ... what a guy!!! [less]