Icon prices plummet as lenders squabble

Prices at Icon Brickell, the marquee Miami luxury condo development, have dropped as low as $298 a square foot from a peak of $650. Two lending groups that have taken control of the Related Group’s project have helped push prices down while angling for a financial advantage. One group, led by HSBC Holdings, has the mortgage on the first two towers of the three-tower project; Bank of America backed the third tower. Both groups have been actively involved in setting prices in the Icon complex. [WSJ]