The New York State Attorney General’s office has declared the offering plan at Harry Macklowe’s 737 Park Avenue effective.
Macklowe Properties, who purchased the prewar building with Los Angeles-based private equity firm CIM Group in August 2011 for $360 million, converted the property into high-end condominium units.
“In addition to 737 Park Avenue’s conversion and restoration process advancing on schedule, this announcement bodes well for buyers eager to move into their new residences,” Jarrett White, vice president of marketing at Macklowe Properties, said of the offering plan approval in a release.
Macklowe has tangled with a number of lawsuits involving long-term rental tenants in the building, accusing one of illegally running a bed and breakfast out of her apartment and another, who Macklowe aimed to evict, for allegedly limiting construction.
Despite such squabbles, the building has secured more than $250 million in sales to date. — Julie Strickland