JPMorgan Will Fund Luxury-Condo Tower at NYC’s 1 Wall Street
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Developer Macklowe plans to convert landmark office building
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Financing deals tougher as Manhattan’s high-end market slows
JPMorgan Chase & Co. has agreed to provide Harry Macklowe with an $850 million loan to construct a luxury-condo tower at New York’s One Wall Street, enabling the developer to proceed with the conversion of a landmark office building even as the city’s high-end residential market slows.
The deal is a coup for Macklowe at a time when lenders are wary of funding new Manhattan projects. JPMorgan, which has expanded its construction-financing business over the past year, will recruit other lenders to participate in the funding, according to people with knowledge with the transaction, who asked not to be identified because terms are private.
A JPMorgan representative declined to comment. A spokeswoman for Macklowe Properties said Macklowe was unavailable…
JPMorgan Will Fund Luxury-Condo Tower at NYC’s 1 Wall Street
