Real estate mogul Harry Macklowe has successfully secured a $300 million inventory loan for his ambitious office-to-residential conversion project at 1 Wall Street in the bustling Financial District. This financing will be utilized to address the large number of unsold apartments within the building, with a total of 479 out of 566 units still available. The inventory loan is just one component of a comprehensive $665 million refinancing plan for this luxury condo development.
Macklowe’s strategy to achieve top-dollar pricing has resulted in slower sales, particularly for larger units. However, with this new injection of funds into the project’s overall cost estimated at around $2.6 billion, there are concerns about potential losses for the developer.
The financing was arranged by an expert team from Newmark led by Dustin Stolly and Jordan Roeschlaub using their extensive knowledge and experience in real estate finance.
This recent development marks another milestone in Harry Macklowe’s impressive portfolio as he continues to make waves in New York City’s competitive real estate market.
