More Condos, Less Debt in Macklowe’s New Wall Street Game Plan
ByWhat 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…
More Condos, Less Debt in Macklowe’s New Wall Street Game Plan
