JPMorgan said to fund luxury-condo tower at One Wall Street

(Bloomberg) — JPMorgan Chase & Co. has agreed to provide Harry Macklowe with an $850 million loan to construct a luxury-condo tower at New York’s One Wall Street, enabling the developer to proceed with the conversion of a landmark office building even as the city’s high-end residential market.

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JPMorgan Chase & Co. has agreed to provide Harry Macklowe with an $850 million loan to construct a luxury-condo tower at New York’s One Wall Street, enabling the developer to proceed with the conversion of a landmark office building even as the city’s high-end residential market slows.

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One Wall Street is a hi rise condominium building in Manhattan’s Financial District neighborhood finished in 1931 and converted in 2017. Situated at 1 Wall Street, between New Street and Broadway, the building contains 524 units and rises 50 stories.

It also agreed to loan $850 million to Macklowe Properties for the residential conversion of One Wall Street. The loans are a sign of confidence in the city’s luxury condo market.

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In 1957, the building was linked to neighboring 15 Broad Street, a 42-story L-shaped tower on a limestone base that tactfully echoes 23 Wall Street’s facade. In 1989, JP Morgan moved its operations to 60 Wall Street, a larger and more modern building two blocks to the east.

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