Macklowe Reportedly Seeks $1.1B Loan on One Wall Street
Harry Macklowe’s Macklowe Properties and Dilmon LLC, the family office of Qatar’s Hamad bin Khalifa Al Thani, are seeking a loan of at least $1.1 billion to help refinance One Wall Street, a former Manhattan office tower that has been converted into condominiums, reported Bloomberg News.
Macklowe and Dilmon are working with Newmark to solicit five-year, non-recourse mortgage financing proposals from prospective lenders. At $1.1 billion, the financing would represent a 48% loan-to-cost ratio, and proceeds are earmarked to repay construction debt and fund remaining construction costs, among other uses.
The property features 566 units, including a penthouse priced at $55 million, and retail space leased to tenants including Whole Foods and Life Time Fitness.
The financing effort comes amid a rebound in Manhattan condo sales, Bloomberg reported. In 2021’s fourth quarter, 3,559 purchases were recorded, almost double the total for the year-ago period and 48% more than Q4 2019.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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