You will be redirected in 15 seconds, or continue now.

Close Stay up-to-date with
Observer.com Newsletters
Sign up for Observer Newsletters!
RSS Feed
The New York Observer

Lending Troubles at Manhattan House Stymie Condo Deals

View Story On One Page View Story On One Page Print This Story Print This Story Share This Story Share This Story
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."

Post a Comment The Discussion