New York City developer Harry Macklowe now owns the General Motors Building after paying Conseco Inc. a record $1.4 billion for the 50-story midtown Manhattan office tower. Macklowe was one of nearly two dozen bidders — including REITs and private investors — vying for the 2 million sq. ft. office tower. Macklowe will be paying $700 per sq. ft. for the property.
The last building to fetch such a staggering sum was 399 Park Avenue, another midtown Manhattan office tower, that Boston Properties paid $1.04 billion for last year.