There is nothing funnier - or crazier - than a bunch of rich developers crying over the spilt milk that is a building that slipped through their hands. And the building in at the center of what could be many lawsuits is the GM Building at Fifth Avenue and 58th Street, beloved to many as "where the Fifth Avenue Apple Store is." The NY Times has a feature about two lawsuits from two developers whose bids weren't accepted during a 2003 sale of the GM Building. Leslie Dick and Sheldon Solow separately claim that Conseco sold the GM Building to Harry Macklowe when their bidders were actually higher, so now they are suing Macklowe. Dick insists his bid was $1.5 billion (and claiming that George Soros was pulling various strings behind the scenes to spoil his bid) and Solow saying his was the "highest credible bid" at $1.4 billion. And it gets better more people may be suing, including Larry Silverstein's partner, Lloyd Goldman. Which is fascinating - it seems like when you don't have the winning bid, you've gotta sue to show you do have money and are a credible developer.
A lawyer for Conseco, which bought the building from Donald Trump for $878 million in 1998 and then sold it to Macklowe for $1.4 billion in 2003, says that "a confidentiality statement signed by all the bidders established that it had the right to sell to anyone or no one." While it's not an exact parallel, we can't help but thin that it's a lot like when a number of qualified potential tenants swarm an apartment and the landlord randomly picks one.
Photograph of the GM Building through the Apple Store from Ixtayul on Flickr