WATCH: Billy Macklowe talks market, Trump and leverage

21 East 12th Street developer said there's less pressure from lenders in this cycle

New York /
Dec.December 02, 2016 09:34 AM

With condo prices slipping at the top end of the market and the potential impact of the presidential election confounding brokers and experts alike, the New York City real estate community is facing uncertainty on several fronts.

In a bid to explore some of the issues the industry faces, The Real Deal sat down with Billy Macklowe, CEO of William Macklowe Company, to talk about the market, the election aftermath and demand for condominium product.

Macklowe, son of developer Harry Macklowe, knows a thing or two about leverage. His father was one of the most high-profile figures to lose his shirt in the last downturn.

But this time, it’s different, he said.

“There are different metrics around leverage,” he said, noting that condo buildings can’t get score the same high loan to value debt they could during the last cycle. That means, “there’s less pressure from banks,” he said.

Macklowe’s firm is currently selling units at 21 East 12th Street, the site of the former Bowlmor Lanes venue south of Union Square. The building is 40 percent sold, averaging $3,300 to $3,400 per square foot, he said.


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
Robert Zangrillo and Rick Renzi with Donald Trump (Getty)

Trump pardons Zangrillo, other real estate figures

Trump pardons Zangrillo, other real estate figures
Donald Trump and Alex Adjmi (Photos via Getty; GOSO NYC)

Real estate investor Alex Adjmi receives presidential pardon

Real estate investor Alex Adjmi receives presidential pardon
House republicans Kevin McCarthy, Blaine Luetkemeyer and Steve Scalise have all received more than $100,000 from real estate PAC donations. (Getty)

Real estate trade groups reconsider donations after Capitol unrest

Real estate trade groups reconsider donations after Capitol unrest
Eric Trump and Donald Trump Jr. with President Donald Trump (Getty)

These are the companies dumping the Trump Organization

These are the companies dumping the Trump Organization
Photo illustration of Alderman Gilbert Villegas  with the Trump International Hotel & Tower. (Getty, Trump Hotels, Gilbert for Chicago)

What’s in a name? If it’s Trump, alderman wants it gone

What’s in a name? If it’s Trump, alderman wants it gone
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...