More Condos, Less Debt in Macklowe's New Wall Street Game Plan
- Developer shifts gears for lower Manhattan tower conversion
- Luxury-condo glut creates ‘order out of chaos,’ Macklowe says
Harry Macklowe is one of Manhattan's most storied real estate developers. His iconic New York City projects include Apple's glass cube on 5th Avenue and 432 Park Ave, the tallest residential building in the western hemisphere. As Manhattan's luxury boom slows down, Bloomberg's Erik Schatzker sat down with Harry Macklowe to discuss Manhattan's supply surge and how it's going to influence the market going forward. (Source: Bloomberg)
What does a Manhattan residential developer build in a market overcrowded with costly condos and high-end rentals? For Harry Macklowe, who’s making plans to convert a landmarked office building he owns on Wall Street, the answer -- for now -- is more condos.
The builder was seeking more than $1 billion in financing for a largely rental conversion of the former Bank of New York Mellon Corp. headquarters at the corner of Wall Street and Broadway, but he’s switching gears. Macklowe now plans to put in more equity and get a smaller loan for the project, he said in an interview airing Monday on Bloomberg Television. The building, initially planned as 65 percent rentals, will now overwhelmingly be condos and might not have any leased apartments at all.