Deutsche Bank subsidiary lends $460m on 1 Wall Street

Deutsche Bank Trust Company Americas has provided a $460m loan to a joint venture led by Macklowe Properties for its acquisition of 1 Wall Street in Lower Manhattan. Macklowe Properties bought the 1.1 million sq ft skyscraper from Bank of New York Mellon for $585m. BNY Mellon stated its intentions to sell the property in April, […]

Deutsche Bank Trust Company Americas has provided a $460m loan to a joint venture led by Macklowe Properties for its acquisition of 1 Wall Street in Lower Manhattan.

640px-1_Wall_Street_panoramicMacklowe Properties bought the 1.1 million sq ft skyscraper from Bank of New York Mellon for $585m.

BNY Mellon stated its intentions to sell the property in April, struck a deal to sell it to Macklowe the following month and subsequently inked a deal to lease new space at the redeveloped Brookfield Place (and former World Financial Center), which is located just a short walk away, at the edge of the Hudson River.

At the time the bank said it planned to continue leasing space at 1 Wall Street, which it has occupied since 1998, and move out gradually into its new quarters.

Though Harry Macklowe of Macklowe Properties was among the most prominent New York City developers hit hard by the recession, losing billions, he bounced back. Among his latest ventures was the co-development of the supertall condominium tower at 432 Park Avenue with CIM Group, which hints at a potential condo conversion at 1 Wall.

Competitors vying for the purchase of the tower, including JDS Development and Silverstein Properties, reportedly planned a residential conversion.

The 50-floor Art Deco skyscraper was completed in 1931.

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