Many power players in the commercial real estate field think Sheldon Solow is a little off his rocker, and it's not just because of his crazy East River plans or the pose he's striking above. It's because Solow, NYU dropout and 746th richest man in the world, files lawsuits like most people use up toilet paper. And one of his recent suits threatens to derail what could be the biggest office building sale ever. When Harry Macklowe purchased the GM Building on Fifth Avenue in 2003, Solow called the sale a "sham auction," and argued he was the rightful owner for putting in the highest bid. Somehow, a court recently ruled that Solow's suit over the matter can proceed, and the litigation could seriously affect Macklowe's sale of the building, which he's relying on to bail him out of some serious debt. The Times has dubbed this feud part of the "blood sport" of real esate, but we're not ready to award it Jean-Claude Van Damme quite yet. For now, it's more like an old man slap fight.
· Rewards, With Risks, Go Into the Sale of the G.M. Building [NYT]
· Big Mack's Burden Affecting Hot New Developments [Curbed]