Billy Macklowe Grabs $25 M. Mortgage at 636 Sixth
The banks have welcomed Billy Macklowe back with open arms.
Mr. Macklowe has secured a $25 million mortgage at 636 Sixth Avenue, which he picked up for $45.2 million a few months ago. The lender was Capital One (COF) National Association.
When Mr. Macklowe bought the building with ING Clarion in January, he told The Journal it had been an all-cash buy, but he appears subsequently to have obtained the more than 50 percent financing, which closed May 2, according to public records. A spokesman for William Macklowe Company declined to comment on the nature of the financing.
The diminuitive six-story building at 19th Street marked a symbolic return for the developer ravaged by the downturn, after he and father Harry picked up seven skyscrapers for $7 billion at the peak of the market with a mere $50 million of their own money. Six-thirty-six Sixth was Mr. Macklowe’s first buy without dad, and he told The Journal then: “We have no legacy issues, everything is behind us.”