The owners of the prewar building at 737 Park Avenue put it on the market in February with the rather, er, aspirational asking price of $250 million. Turns out they're getting it, thanks to developer Harry Macklowe's back-in-business shopping spree. Macklowe, who recently entered into contract to buy 150 East 72nd Street and is taking big steps at the Drake Hotel, is also in contract on 737 Park, Crain's reports. Some heated bidding pushed the price up to somewhere between $250 million and $255 million, and sources tell Crain's Macklowe will be taking the building condo. It's currently 70 percent market-rate and 30 percent rent-stabilized. So which building will be easier to quietly convert: 747 Park or 150 East 72nd?
· Harry Macklowe in deal to buy 737 Park [Crain's]
· Park Avenue Building Headed for Sale, and Maybe Conversion [Curbed]