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BankruptcyBankruptcy

Harry Macklowe's Luxury Pad Listing Snarled in Bankruptcy

By Andrew Scurria

 

Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Tuesday, July 15. In today's briefing, real-estate legend Marry Macklowe recently tried to list his Midtown Manhattan home, but he had already surrendered it to his secured lender in bankruptcy. 

 

Top News

TIMOTHY A. CLARY/AGENCE FRANCE-PRESSE/GETTY IMAGES

Harry Macklowe wants to list his $75 million home. He doesn't own it anymore. In recent weeks, legendary real estate developer Harry Macklowe worked with real-estate brokerage Douglas Elliman to prepare his own home at 432 Park Avenue, the embattled skyscraper on Billionaires’ Row he helped build, for sale. He told the firm he wanted to list it for $75 million.

There was just one problem: he doesn’t actually own the property. Bankruptcy records show Macklowe was forced to surrender his equity in the LLCs he used to buy his apartments at 432 Park to a secured lender tied to the building’s sponsor, Los Angeles-based CIM Group, in June.

While Macklowe has historically been the face of 432 Park and worked for years on the design and development of the building, CIM was always the controlling sponsor of the project. Macklowe’s battle with CIM for control of the units is one element on the cloud of litigation that has surrounded the building in recent years.

 
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Bankruptcy

Maverick Gaming files bankruptcy. Gambling outfit Maverick Gaming filed chapter 11, seeking to use the bankruptcy process to reach a restructuring agreement with secured creditors owed over $300 million.

The private company operates 17 card rooms in Washington State and also owns several casino hotels in Nevada and Colorado, according to court papers filed in the U.S. Bankruptcy Court in Houston.

Maverick has agreed with its secured lenders to sell off its poker assets, seek a modification to a lease agreement with Blue Owl Capital and sell or restructure the rest of its business, court papers show.  Maverick said its properties include roughly 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants. -- Andrew Scurria

 

Distress

Seeger Gray/The Wall Street Journal

Can the French reinvent America’s broken department-store model? The American department-store model is broken. A French operator that recently opened a flagship store in New York City thinks it has a better one.

It is too early to say whether Printemps’s museum-grade decor and its philosophy of combining dining, art and retail can win over American shoppers. But the traditional U.S. department store model has been in decline for decades. Competition from discount and specialty stores eroded department stores’ market share, forcing onetime giants like Sears into bankruptcy filings. Others, like Neiman Marcus and Saks Fifth Avenue, have merged to survive.

 

On the Calendar

  • A House Judiciary subcommittee will hold a hearing at 10 a.m. today to examine the chapter 11 system and explore potential updates. You can watch here.
 

About Us

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Soma Biswas; Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Andrew Scurria; Becky Yerak, Alicia McElhaney. 

Follow us on Twitter: @SomaBisWSJ; @gladstonea; @jodixu; @AskAkiko; @AndrewScurria; @beckyyerak, @AliciaMcElhaney.

 
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