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Macklowe Divorce

What s at stake: Harry Macklowe s holdings laid bare at divorce trial Developer and wife got $460M tax write-off between 2009-2015

From left: 200 East 59th Street, 432 Park Avenue retail, Harry Macklowe and 1 Wall Street

Mogul or frontman? It s notoriously difficult to tell with developers. Figuring out how much of a stake a developer holds in a project takes an act of God — or, in some cases,上海千花社区

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a divorce.

According to evidence presented at Harry Macklowe s divorce trial Thursday, the founder and CEO of Macklowe Properties owns a mere 8 percent interest in the retail component at 432 Park Avenue. Macklowe and his partners paid CIM Group $450 million for the space in 2014 and, according to the court testimony, Macklowe s investment in that deal is $15.7 million, including a $3.1 million check he wrote in February 2016.

On Thursday, Mark Harrison, of accounting and 上海千花网交友

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consulting firm Marcum, who was hired by Harry s ex-wife Linda for what is said to be a $2 billion divorce trial, testified in court. According to Harrison, Macklowe has a 10 percent stake in 200 East 59th Street, the 65-unit condo where only three units are in contract. Having invested $6.9 million in equity, Harrison projected Macklowe’s gross proceeds related to the developer’s promote to be $18.7 million.

Meanwhile, at 1 Wall Street, Macklowe has a 4.6 percent ownership stake, according to Harrison. His promote there was pegged at $23.8 million. His backer on that project, and others, is the Qatari billionaire royal Sheikh Hamad Bin Jassim Bin Jaber al-Thani, also known as HBJ, as The Real Deal revealed in March.

Macklowe sat expressionless during the long testimony in a sweltering courtroom downtown. As in days past, he avoided eye contact with Linda, who was dressed in a leather peplum jacket and kitten heels. Macklowe’s legal team broke for lunch on the patio of the Odeon café in Tribeca.

With an empire at stake, Macklowe s legal team has tried to point out weaknesses in his projects, even the marquee ones. (Early on Thursday, his attorney Peter Bronstein said that bec上海贵族宝贝交流区

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ause 1 Wall Street is so close to the New York Stock Exchange, there was virtually “no guarantee” an income-producing garage could be built at the site.)

According to Harrison, the couple s joint tax write-offs between 2009 and 2015 was “over $460 million. The “net operating loss” that Macklowe reported on his personal tax returns averaged $64 million a year during that time, said Harrison, whose firm was paid $1.3 million by Linda.

“By the way, that was a benefit both parties received,”爱上海

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Justice Laura Drager noted.

In his report, Harrison projected Macklowe s income at $55 million a year between 2017 and 2021. But Macklowe s attorney Dan Rottenstreich pressed Harrison to explain exactly what basis there is for that figure, to which Harrison pointed to the developer’s prior income.

“He’s still in the same busines爱上海龙凤419桑拿

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s,” Harrison said.

Tags: 1 wall street, 432 park avenue, Harry Macklowe, Residential Real Estate
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