Condo Woe: One Manhattan Square Struggles to Shift Inventory, Takes out $692M Loan

Posted on: September 5th, 2019 at 5:00 am by

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.

Recent Stories

Ludlow House Expansion Proceeds with New Building Permits

More movement on the Ludlow House expansion, which is still proceeding rather slowly. Libation closed its doors forever in May of this year. Demise of the bridge-and-tunnel club was hastened by Ludlow House next door, which aims to redevelop the property into a venue annex. (They are leasing the property.) The plan is more than […]

Cops Arrest Bronx Perv for Sexual Assault of 82-Year-Old Woman in Rutgers Houses

Cops arrested a Bronx man on Friday in connection with the sexual assault of an 82-year-old woman in Rutgers Houses. Mott Haven resident, David Alexander, 29, currently faces charges of felony assault, burglary, sexual abuse and restriction of breathing. He’s accused of walking into the victim’s unlocked apartment at about 6pm last Tuesday. Alexander allegedly […]

Boulton & Watt Team Readies ‘Little Ricky’s’ on Ludlow Street

At the corner of Ludlow and Rivington Streets, change is nigh. No, not Beastie Boys Square, but the replacement of a fallen nightlife empire. That of Rob Shamlian. His Grunhaus reboot of Spitzer’s Corner failed to succeed, and closed last spring. In its place, the prolific team behind Boulton & Watt and Drexler’s – Darin […]

Bowery Boogie Uncapped Presents the Golden Gauntlet Graffiti Battle

Hold on to your hats, kids. It’s all out war on the Bowery! Have you ever wanted to see two graffiti writers battle live? Sure you do! I mean, many of us don’t know what we want until we hear about on the interweb, so you’re welcome. Tomorrow night, PACE SSB and REE MTA will […]

Six-Story Row House Replacement Tops out on Grand Street

At the corner of Essex and Grand Streets, two hundred years of history are officially erased. This six-story building – luxury condos – is the future. The drama here is more than four years in the making. After purchasing 355 Grand Street for $4 million in December 2014, Interboro Properties spent the next two years […]