dethronements

Billy Muscles Harry Out of the Picture

cityfile · 05/27/08 11:07AM

Commercial real-estate history was made this weekend when the debt-inundated Macklowe family saved their rear end by selling the GM Building to Mort Zuckerman's Boston Properties for $2.9 billion, but the juiciest part of the story was the behind-the-scenes battle between Harry and Billy Macklowe. The Wall Street Journal is out with a story this morning about the intrafamilial friction, which basically portrays Macklowe the elder as a past-his-prime loose cannon who irresponsibly bet everything on a $7 billion folly, and Billy as a young genius who heroically saved the family fortune from his father's incompetence.