Real estate maven a victim of crisis

Love him or hate him, Harry Macklowe in many ways defines the zany New York real estate market. His next chapter may be a sad one; he looms large as a personal victim of the credit crunch. Fortune notes he personally guaranteed a $1.2 billion loan last winter--one that is due to hedge fund Fortress Investments this month. He needs to sell assets to pay the loan, but the credit environment is punishing and he's already strapped. The auction of his GM building is now underway. Also at stake: homes in Manhattan and the Hamptons, his art collection and his yacht. Whether his reputation will stand, allowing him a second act, remains to be seen.

For more:
- here's the Fortune article
- here' an article about GM building auction from the New York Sun