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Foreclosure on the properties, which includes the famed GM building, could be a possibility for the real estate mogul, who aspired to be the king of Big Apple commercial real estate, when he bought the buildings last year from Equity Office Properties Trust as part of Blackstone Group LP's buyout of the REIT. Unfortunately -- like so many of those troubled homeowners also facing foreclosure -- he bought at the top of the market just before the current credit crisis struck. For Macklowe, if he gets to hold onto to the buildings, his only hope is that it doesn't take a decade for the Manhattan commercial real estate market to reach its peak again. - Gerald Magpily See Wall Street Journal article Categories Deal Video
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For those who thought that foreclosure only affected Main Street and not Wall Street, they never heard of Harry Macklowe, a New York real estate mogul who's facing the possible seizure of seven Manhattan skyscrapers. The Wall Street Journal reported Tuesday that Macklowe was served a notice of default with his lenders over $7 billion of debt he borrowed to acquire the Manhattan skyscrapers last year. 
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