Harry Macklowe got a little carried away last year: He bought seven midtown office buildings, including the General Motors Building, in ten days. He spent over $7 billion on the deal — but only $50 million of that was his own money. So lately, Harry has been in a pickle: Next week, his loans are coming due, and seeing as we're smack in the middle of a worldwide credit crunch, there's no way for him to refinance. Which is why this week, The Wall Street Journal has just reported, Harry has made a tentative agreement with his lender, Deutsche Bank, to turn the buildings over to them. No more buildings for Harry. Well, not exactly. Even though Deutsche Bank would control the properties, "Macklowe would still retain the titles, to avoid triggering costly New York City transfer taxes, and Macklowe Properties would still manage the buildings." So basically, dude just went from being a mogul to being a super.

Macklowe in Deal to Cede Control Of Seven Manhattan Properties [WSJ]