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RPT-Developer Macklowe receives default notice - WSJ

Mon Feb 11, 2008 8:35pm EST

NEW YORK, Feb 11 (Reuters) - New York developer Harry Macklowe on Monday was served with a notice of default related to debt on four properties, a move that could spur actions that lead to a foreclosure action, according to a report in the online edition of the Wall Street Journal.

The report, citing two people familiar with the matter, said a special servicer sent the notice of default after no agreement could be reached by lenders to give Macklowe an extension on his $3.1 billion in debt on the four properties. (Reporting by Ransdell Pierson; editing by Carol Bishopric)



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