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The New York Observer

Lending Troubles at Manhattan House Stymie Condo Deals

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October 31, 2008 | 4:00 p.m

From The Real Deal: "The record $1.1 billion Manhattan House conversion on the Upper East Side has run into resistance from several major commercial banks that have either refused to finance condo deals there or demanded exorbitant down payments from contracted buyers. Sources familiar with the building said at least a dozen condo buyers have either been turned down for loans, or asked to provide 30 to 50 percent cash deposits, which in some cases forced them to postpone the scheduled closing of their units."

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