Quote:
Originally Posted by NYguy
The luxury market has softened a bit the last year or so. It's the reason JDS is keeping the units at Steinway off the market for another year. They don't want to give the "relative" discounts that you see now at 432 Park and One57. Unlike office towers that usually get a significant signing before they can get financing, residential towers are largely built on spec. It really wasn't that long ago Extell got financing for the Manhattan Square tower currently rising, a different sort of residential tower.
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Considering the fact that Extell is well into construction for this tower, will that be a factor in convincing banks to give them a construction loan? At this point in the development process, wouldn't it be a real pain in the ass for them to pause on construction only to resume later granted Extell is unable to obtain financing before their July 2017 deadline and would it even be possible to stall construction at this stage?
Also, didn't Extell say they were going to launch sales before the end of year? I guess even Gary Barnett is losing faith in the market now but who knows?