Apollo Real Estate Trust Scales Back Expectations on Luxury NYC Tower
- Sales velocity at 111 West 57th St. is slower than anticipated
- Real estate trust wrote off a portion of the building’s debt
Steinway Tower at 111 West 57th Street.
Photographer: Fatih Akta/Anadolu Agency/Getty Images
Apollo Commercial Real Estate Finance Inc., a lender with debt tied to Manhattan’s 111 W. 57th St., wrote off a chunk of its loan and said it is dialing back expectations around how quickly units are sold at the luxury condo development on Billionaires’ Row.
“While there has been a modest pickup in foot traffic and buyer interest resulting in some active negotiations on a handful of units, the velocity of unit sales remains behind expectations,” Stuart Rothstein, chief executive officer of the Apollo trust, said on an earnings call with analysts on Tuesday. “We are still reasonably confident in what we’re seeing from a pricing perspective, and I think we’ve certainly dialed back expectations with respect to timing.”