Los Angeles-based CIM Group and developer Harry Macklowe are planning a 1, 300-foot condominium on Park Avenue.

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Blackstone immediately flipped two-thirds of the properties to other, smaller landlords who were even more levered, including New York developer Harry Macklowe.

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As for sovereign wealth funds from the Middle East, these cash-rich buyers do not need the kind of aggressive, short-term private-equity returns that propelled buyers like Harry Macklowe and his lenders to take outsized risks.

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Health care entrepreneur Randall Pittman quickly discovered his 140-foot cruiser, Whirlaway, was better suited for a voyage to the Galapagos than for quick maneuvering. (He has a 90-foot racing boat, Genuine Risk, to console himself.) A 66-footer collided with New York real estate owner Harry Macklowe's 111-foot Unfurled and limped off with a hole in its side.

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Ms. Macklowe's in-laws, Harry and Linda Macklowe, were there too.

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