Is Macklowe Properties looking to limit its exposure to the condominium market at One Wall Street?
The developer filed plans to offer just 188 condo units for sale at his $1.5 billion office-to-residential conversion project Downtown, according to plans filed with the New York state Attorney General’s office this week.
That’s far less than more than 260 or so units many had anticipated. Previous plans filed by Macklowe with the Department of Buildings showed that the building’s 500-some residential units would be split 50/50 between rental and condo. Now, it looks as though many more are going the rental route.
The filing submitted by Macklowe is an initial CPS-1 application, designed to disseminate a basic amount of information about the project in order to gauge buyer interest.
Starchitect Robert A.M. Stern is slated to spearhead the design of the conversion of the 50-story, 944,000-square-foot tower. Whole Foods has agreed to occupy the ground-floor retail space.
Macklowe bought the building for $585 million in 2014. The acquisition was completed with a loan provided in part by Qatar National Bank, sources previously told TRD. Macklowe is now seeking $1 billion in construction financing.