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In another sign of life in the real estate market, a New York developer is expressing confidence he can arrange bank financing for the construction of an 800,000-square-foot midtown office tower.
"There seems to be a willingness" on the part of banks to lend the money, provided tenants sign up in advance for a substantial amount of the space, said Larry Wyman, managing director of HRO International Ltd., an organization controlled by Howard Ronson.
The planned building, geared to financial and trading firms with costly electrical and mechanical requirements, could cost $300 million to build and require rental rates of $50 per square foot, market sources said.
It would be the first major office construction project to break ground in midtown Manhattan since the building boom in the late 1980s that left the city oversaturated with office...