Harry B. Macklowe
Harry B. Macklowe | |
|---|---|
| Born | 1937 Westchester County, New York, U.S. |
| Occupation(s) | Real estate developer, investor |
| Years active | 1960–present |
| Known for | Development of Metropolitan Tower, 432 Park Avenue, General Motors Building acquisition |
Harry B. Macklowe (born 1937) is a prominent American real estate developer and investor operating primarily in New York City.
Early life
Born into a Jewish family, Macklowe is the son of a garment industry executive from Westchester County, New York. He completed his studies at New Rochelle High School in 1955 and later attended the University of Alabama, New York University, and the School of Visual Arts. However, he left academia in 1960 to pursue a career as a real estate broker. In 1959, he wed Linda Burg, daughter of a physician and an editorial assistant at Doubleday. The couple initially resided in a Brooklyn garden apartment, where Macklowe developed an interest in the landlord’s business of renovating brownstones, which inspired him to enter real estate brokerage.
Career
Transitioning rapidly from brokerage to development, Macklowe earned acclaim for creating sleek modernist structures such as the Metropolitan Tower located in Midtown Manhattan, along with minimalist commercial office designs. His company, Macklowe Properties, has owned or currently owns several notable New York City properties including 400 Madison Avenue, the former Drake Hotel (which was demolished to make way for 432 Park Avenue), and the Hotel Macklowe. In 1985, he incurred a $2 million penalty for conducting unauthorized nighttime demolition on four buildings in Times Square.
In 2003, Macklowe acquired the General Motors Building for an unprecedented $1.4 billion. He significantly increased its value by convincing Apple CEO Steve Jobs to construct an underground Apple retail store beneath the plaza, featuring the iconic 32-foot glass cube entrance that opened in 2006.
At the height of the 2007 real estate market, Macklowe purchased seven Manhattan skyscrapers from the Blackstone Group for $6.8 billion. He invested $50 million of his own funds and secured $7 billion in short-term financing from Deutsche Bank and Fortress Investment Group. However, unable to refinance a $5.8 billion loan by early 2008, he forfeited ownership of all seven buildings, including the General Motors Building and the Credit Lyonnais Building.
In 2013, Macklowe joined forces with Steve Witkoff to acquire the Park Lane Hotel on Central Park South for $660 million.
Criticism
Several projects developed by Macklowe have drawn critical attention. For instance, during the late 1980s development of Metropolitan Tower, architecture critic Paul Goldberger described it as "the least respectful of the architectural traditions" in its vicinity. Macklowe responded to such criticism with dissatisfaction, attributing it to his combined roles as both developer and architect.
The design of 432 Park Avenue attracted unfavorable reviews from architectural critics and journalists alike, often labeled as "ugly." After its completion, the building faced accusations regarding structural defects such as leaks and malfunctioning elevators. Similarly, the proposed Tower Fifth encountered negative feedback concerning its design, with detractors accusing Macklowe of detracting from New York’s skyline.
Personal life
Macklowe married Linda Burg on January 4, 1959. After more than five decades together, Burg filed for divorce in 2016. Following a protracted legal battle resulting in a $2 billion settlement, Macklowe remarried Patricia Lazar-Landeau in 2019. Notably, he displayed a large portrait featuring himself and Lazar-Landeau on 432 Park Avenue—a move widely interpreted as provocative toward his former spouse.
Their extensive art collection—including masterpieces by artists such as Alberto Giacometti, Mark Rothko, and Cy Twombly—was auctioned off by Sotheby's in two phases under court order starting November 2021. Valued at approximately $600 million, the initial auction surpassed expectations by raising $676 million. Sotheby’s hailed it as the most valuable single-owner sale ever conducted. The subsequent auction in May 2022 set records for private art collection sales with total proceeds reaching $922 million including fees.
The Macklowes have two children: William S. Macklowe and Elizabeth Macklowe. William assumed leadership as President of Macklowe Properties in 2008. He and his wife are affiliated with the Jewish Center of the Hamptons synagogue. William married American fashion designer Tory Burch in 1993 before their later divorce; he then married Julie Lerner in 2004 at New York’s Metropolitan Club. Elizabeth was previously married to Kent Swig—son of real estate developer Melvin Swig—before their divorce.