Harry Macklowe is buying the apartment building at 150 East 72nd Street on the southeast corner at Lexington Avenue for about $70 million, according to an article by Steve Cuozzo in today's edition of The New York Post.

The article said that sources said that Mr. Macklowe put a deposit down on the property, "which is owned by a member o the family that's held title for 60 years and her late brother's estate," and that, "according to a brochure distributed by Howard Michaels' Carlton Group, as described by an employee of one fund which received it, Macklowe is trying to raise $35.4 million from joint-venture equity partners.

"The project's total capitalization, including costs associated with the condo conversion, is $117 million. It was unclear whether that amount would include the cost of buying out tenants. according to a person who has read the Carlton flyer, of 34 apartments, six are occupied by rent-stabilized tenants and two are rent-controlled," the article said, adding that nine apartments are vacant.

The 12-story building was erected in 1914.

One of the rent-stabilized tenants is Alice Mason, a real estate broker who was well-known for hosting dinner parties. Ms. Mason, who is 80 years old, told Mr.Cuozzo she is now retired and has been in the building for 48 years.

The article said that the building has about 15,000 square feet of unused air rights that could be used to build new penthouses.

"The building was long owned by squabbling members of the Martin family, including the only surviving sibling, Therese Martin, who lives there and owns 50 percent of the property. Residents say the remaining 50 percent is owned by several Catholic church organizations to whom her late brother, Eugene, bequeathed his share, and an unidentified investor who bought out some of the church beneficiaries. The owners previously tried to sell the building to Arsenal Holdings, which never closed the deal. A second, unidentified buyer also either backed out of a deal or was bumped for Macklowe," the article said.