Harry Macklowe's ambitious $2 billion conversion of the Irving Bank tower is marred by sluggish sales, with only 112 of 566 apartments sold since late 2021.
Despite significant investments in amenities and a prime location, sales at One Wall Street are slow, leading Macklowe to secure a $300 million loan to cover unsold units.
Market expert Jonathan Miller noted that the lack of high-end sales and major discounts indicate a disconnection in pricing versus what the market can actually sustain.
The near-standstill of luxury condo sales in FiDi reflects both oversaturation and pricing disconnect, with many high-end units languishing while new buildings have thousands of unsold rentals.
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