GM Building Bids Reportedly Top $3B

NEW YORK CITY-Reports note that some bids for developer Harry Macklowe’s General Motors building here have topped $3 billion, according to “people familiar with the matter.” CB Richard Ellis, who was hired to market the property in January, as GlobeSt.com previously reported, could not comment by deadline. Locally based Macklowe Properties tells GlobeSt.com that they are “not commenting or confirming reports.”

At least two investors have been identified in reports. One of the potential buyers for the tower is real-estate investor Joseph Cayre, and the other is Larry Silverstein.

As GlobeSt.com previously reported, the 767 Fifth Ave. property was expected to fetch between $3.3 and $3.8 billion. A locally based real estate investment banker told GlobeSt.com at the time that the GM building is a unique asset that will trigger huge demand from a host of domestic and global investors. The source predicted that a team of investors might be better suited to buy the property given the potential sale price. The source explained that the debt markets have radically changed since Macklowe bought the property. Macklowe Properties purchased the building for a record-breaking $1.4 billion from Conseco Inc. in 2003, as GlobeSt.com reported.