June 8, 2017
Macklowe Properties secured $850-million in funding from JPMorgan Chase & Co. for development of New York’s One Wall Street luxury condominium tower. A conversion redevelopment is planned for the existing 1.1-million-square-foot landmark office building Macklowe acquired in 2014.
As the New York market continues to evolve, Macklowe is reportedly adjusting its plan for the building from offering a majority of units as rentals, to potentially none. That type of shift is likely tied to an oversupply of high-end product. Prices on some residential projects have recently experienced cuts, and asking prices in 2017 have been the lowest in at least five years.
The building was the former Bank of New York Mellon Corp. headquarters, and is located at the corner of Wall Street and Broadway. The 50-story limestone Art Deco tower occupies an entire block, and was originally built for the Irving Trust Company in 1931.
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