The Real Deal New York

Macklowe lands $116M UOB loan for UES condos

Developer seeking $264M sellout at 200 East 59th Street
By Konrad Putzier | December 27, 2016 06:30PM

Renderings of 200 East 59th Street

Harry Macklowe obtained a $116 million construction loan from Singapore’s United Overseas Bank for his planned 35-story Upper East Side condominium tower, property records filed with the city Tuesday show.

In addition to the new loan, the bank also agreed to amend an existing $65 million acquisition loan on the property at 200 East 59th Street that it had issued in 2014. It wasn’t clear from records whether the loan was simply extended or otherwise changed.

Macklowe could not immediately be reached for comment.

In November, the New York state Attorney General’s office approved a condo offering plan for the project with a projected sellout of $264.1 million. Macklowe wants to build 68 units averaging around $4 million, not counting penthouse units, and 18,000 square feet of retail space. The developer bought the site for $31.3 million in July 2014.

The development is a few blocks from 1,396-foot-tall condo tower 432 Park Avenue, which Macklowe is developing in partnership with CIM Group. The developer is also converting the office building 1 Wall Street into condo and rentals, and is in the market for a $1 billion construction loan.

United Overseas Bank has been an active condo lender in recent years, backing Shvo, Bizzi & Partners and New Valley’s 125 Greenwich with a $135 million acquisition and predevelopment loan and is in talks on a $500 million construction loan. It also led a $860 million construction loan on Hines’ condo tower at 53 West 53rd Street.