Troubled developer Harry Macklowe will cede control of seven Midtown office buildings he purchased less than a year ago to Deutsche Bank, to settle up on the $5.8 billion he owes. This does not include the still-for-sale GM Building. Macklowe's debt problems are still far from over. He has a $1.35 billion bill due to a hedge fund on Feb. 9. Maybe he should think about selling that $60 million Plaza apartment? [WSJ; previously]
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