Macklowe Is Said to Buy Park Avenue Building for $250 Million

Developer Harry Macklowe, whose company lost control of seven New York skyscrapers in the credit crisis, agreed to buy an Upper East Side rental building for about $250 million, two people with knowledge of the deal said.

Macklowe is under contract to purchase 737 Park Ave, a 103-unit apartment property near 71st Street, said the people, who asked not to be named because the transaction isn’t public. The building has been owned by the same family for 65 years.