Billy Macklowe Grabs $25 M. Mortgage at 636 Sixth
Laura Kusisto June 2, 2011, 10:47 a.m.
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 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.”