Harry Macklowe’s divorce settlement with estranged wife Linda appears to be a mixed bag for both parties. But developer Harry can only cheer a gigantic, 55,000- square-foot retail-and-office lease at 432 Park Ave., the residential mega tower he developed with CIM Group and where he owns the commercial space outright.
Auction house Phillips inked a deal to move to 432 Park’s commercial portion next fall. Its new home includes the spectacular, illuminated glass cube at the corner of Park Avenue and 56th Street and a 30,000-square-foot underground concourse.
But it doesn’t include the voluminous storefront space on the south side of East 57th Street, where Macklowe so far has lured only a single tenant, watchmaker Richard Mille.
Phillips will move from 450 Park Ave., next door, where it has 45,000 square feet. Its exit will leave landlord Oxford Property Group with a big corner space to fill in a weak retail market, while doing nothing to improve the look of 432 Park Ave.’s East 57th Street storefronts — which, like others on the block, have stood empty for too long.