Condo Woe: One Manhattan Square Struggles to Shift Inventory, Takes out $692M Loan
It’s no secret that One Manhattan Square is desperate to stock its ranks. The struggle is real.
Earlier this summer, Extell offered up to 10 years of free common charges to prospective condo buyers who purchased before July 4; internet ad banners are ubiquitous; sales are also sluggish.
Revealed in a Commercial Observer report about a new $692 million loan from Blackstone is an update on overall transaction figures at One Manhattan Square. Since sales launched at the 850-foot behemoth in November 2016, only a paltry 173 condos of the 815 total actually closed. Equating to about 20% of inventory. And of that number, several are already on the secondhand market as rentals. There are also rumors that Extell itself is resorting to rentals, despite official confirmation to the contrary.
This exorbitant loan is against those unsold apartments.
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