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Harry Macklowe’s 1 Wall Street Lands $300M Inventory Loan
Harry Macklowe has secured a $300 million inventory loan for his office-to-residential conversion project at 1 Wall Street in the Financial District.
The financing will be used for the many unsold apartments in the building, where 479 of the 566 units remain unsold. The inventory loan is part of a larger $665 million refinance of the condo building.
Macklowe has been slow to sell units in the building, particularly its larger units, as he aims to achieve top-dollar pricing. The new loan adds to the project’s overall cost of around $2.6 billion, raising concerns about potential losses for the developer.
A Newmark team led by Dustin Stolly and Jordan Roeschlaub arranged the financing.
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