Manhattan developer to build more condos despite slowdown

New York

WHAT does a Manhattan residential developer build in a market overcrowded with costly condos and high-end rentals?

For Harry Macklowe, who's making plans to convert a landmarked office building he owns on Wall Street, the answer - for now - is more condos.

The builder was seeking more than US$1 billion in financing for a largely rental conversion of the former Bank of New York Mellon Corp headquarters at the corner of Wall Street and Broadway, but he's switching gears.

Mr Macklowe now plans to put in more equity and get a smaller loan for the project, he said in an interview airing on Monday on Bloomberg Television.

The building, initially planned as 65 per cent rentals, will now o…