New York Magazine

(L-R) 125 West 55th Street; 660 Madison Avenue; 142 West 57th Street   (Photo: Christopher Griffith)

10. 125 West 55th Street
Few people are smarter about real estate than Mort Zuckerman. But even the chairman of Boston Properties has his missteps. Last year, his company led an investor group that picked up this tower (and two other buildings) as part of its $3.95 billion deal to buy the GM Building from Harry Macklowe. GM was a coup. The other buildings, maybe not so much. The investors paid $444 million for this one, which Mermel estimates is now worth $264 million. That’s a problem, because Zuckerman’s company and its partners have virtually the same amount of debt coming due on the building in March. Arista Joyner, a Boston Properties spokeswoman, said the company would have no problem arranging refinancing. Mermel tends to agree. Then again, they have a similar deadline in July for a $190 million loan on a second building from the Macklowe sell-off. Joyner declined to comment on that one.

11. 475 Fifth Avenue
Joseph Moinian, a 55-year-old Iranian-born developer, scooped up trophies like the old Sears Tower in Chicago during the boom. He had big plans for this building across from the New York Public Library when he bought it in 2007 for $162 million with Westbrook Partners. The new owners emptied the building—except for the Sean John store—and began renovating. However, in June, instead of refinancing, Moinian and Westbrook handed the keys to Barclays, their lender. Barclays has gotten numerous vulture calls. “I went in and talked to them with a residential developer,” Mermel scoffs. “It’s only worth $30 million. This place needs a lot of work.” Barclays has hired L&L Holding to complete the fix-up and bring in tenants. L&L’s David Levinson said his firm had also negotiated an option to buy the place. Barclays wouldn’t comment.

Related:

• Archive: “Cover Story”
• Table of Contents: Oct 5, 2009 issue of New York | Subscribe!