EP44 The Liar's Ball

Vicky Ward’s “The Liar’s Ball” gives us a lens into the famous 2003 sale of the GM Building, one of the most valuable real estate buildings in American history. We’ll see how numerous real estate titans, from William Zeckendorf to Sam Zell, all played a role in this asset’s history - while we’ll particularly focus on the decisions made by the protagonist, Harry Macklowe. Macklowe’s journey to owning the GM Building teaches us vital lessons about excessive leverage and unlimited ambition, as he sought to build a legacy in the elite New York real estate world. I highly recommend this book to all investors, especially those in the real estate space, so let’s jump right into the story of the GM Building!

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The Liar's Ball: The Extraordinary Saga of How One Building Broke the World's Toughest Tycoons - Vicky Ward

Pairs well with our recent Zeckendorf episode!

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Show Notes:

2:55 - Harry Macklowe: Fueled by debt and driven by ego

5:29 - Zeckendorf begins the Upper East Side revitalization

11:34 - Cecilia Benattar leads the storied GM Building development

16:52 - GM buys the building themselves

19:30 - It ends up in the hands of Donald Trump

21:36 - Trump loses the building