Business

HIGH-RISE ANXIETY

Time is running out for Harry Macklowe.

The Manhattan real estate mogul has been pounding on doors all over the world during the last eight months, trying to round up several billion dollars to refinance a massive slug of short-term debt that comes due next month.

Many in the real estate industry believe office rents have peaked, and Macklowe is having a hard time finding a “sucker” to bail him out. “He’s way overleveraged,” said one investment adviser. “He’s getting a lifetime of bad behavior coming back to him.”

The 70-year-old developer is being forced to put his crown jewel, the GM Building at 767 Fifth Ave., up for sale – on Tuesday it was revealed that he’s hired broker CB Richard Ellis and Citigroup to join veteran dealmaker Joseph Perella in a search for quick cash.

Sources familiar with Macklowe’s plans said that if he indeed sells all or part of the building, he wants to remain in place as the manager with a piece of the action, and keep his new high floor offices.

Aside from the legendary Apple store, the GM Building houses a slew of high-profile tenants, including hedge fund Perry Capital, billionaires Carl Icahn, Thomas H. Lee and Ted Forstmann, and law firm Weil Gotshal & Manges. Sources said that Middle Eastern and Asian investors, as well as several pension funds, have already contacted Macklowe’s agents to inquire about the building.

Macklowe has until Feb. 9 to pay back a $1.35 billion bridge loan to hedge fund giant Fortress that he used for the $7 billion purchase of seven office buildings from the Blackstone Group last year. Sources said Fortress is unlikely to let him off the hook or push back the deadline without severe penalties.

Macklowe also owes Deutsche Bank $5.8 billion by Feb. 9, but may have more flexibility since he is a longtime client of the German bank. Macklowe recently refinanced a $120 million loan from Deutsche Bank on his development at 510 Madison Ave. that was in default.

Macklowe bought the GM building in 2003 for $1.4 billion but has increased the debt on it to $1.9 billion after taking cash out.

His renovations to the building boosted his reputation as a developer after several years as the real estate industry’s whipping boy. Analysts peg the value of the building at around $3.5 billion, which would net him enough to pay off the Fortress loan. But he would still have to come up with several billion dollars to refinance other debt. zachery.kouwe@nypost.com