Manhattan’s Largest Real Estate Loans of May 2021

1133 Sixth Avenue, 114 West 47th Street, 537 Greenwich Street and 55 Broadway (Tdorante10 / Wikimedia, Durst Organization, Easter Consolidated Google Maps)

The 10 largest Manhattan home loans recorded in May totaled $ 1.84 billion, more than double April total.

More than half of that total came from a pair of commercial mortgage-backed security loans in Midtown office towers, the seventh time in nine months that the CMBS market has produced the largest loan on record in Manhattan.

These were the largest real estate loans in the municipality in May:

1 and 2) Durst fire extinguisher | $ 769 million, $ 331 million

The Durst Organization refinanced 1133 Sixth Avenue and 114 West 47th Street with a single borrower CMBS transaction totaling $ 1.1 billion. The 10-year, fixed-rate, interest-only loans came from Bank of America, Citigroup and Wells Fargo. Bank of America is also the larger tenant of the two properties, at 506,000 square feet. Other notable tenants They include the NBA Players Association and piano maker Steinway & Sons.

3) Commercial mortgage | $ 185 million

The group behind the 170-unit condo tower at 537 Greenwich Street in Hudson Square $ 185 million inventory loan for 137 unsold units from China Merchants Bank. The project was developed by Strategic Capital, the investment arm of China Construction America, Forum Absolute Capital Partners and Cape Advisors. The financing takes out a $ 215 million Construction loan granted by OZK Bank in 2017.

4) Safe harbor | $ 108 million

AIG provided a $ 107.7 million loan for the recapitalization of Harbor Group International of 55 Broadway in Lower Manhattan, which also saw the investment of new equity capital to retire From Paramount Group Preferential equity interest in the 32-story office building. The landlord signed four leases in January, and the AIG loan includes up to $ 8.4 million in future financing for leasing costs.

5) Laub Loan | $ 95 million

Laub Realty refinanced a mixed-use property in 261-275 Amsterdam Avenue on the Upper West Side with a $ 95 million 10-year CMBS loan from Morgan Stanley. The 12-story property has 134 rental units, of which 67 are market rate, 60 are rent stabilized and seven are rent controlled, according to a Kroll Report. The property’s 21,000 square feet of commercial space is occupied by tenants, including Chipotle and Capital One.

6) Knight of development | $ 80 million

Hong Kong-based Lion Knight Limited provided $ 80 million to refinance an eight-parcel development site owned by Arris Properties Group, in 143-163 East 60th Street. The site was previously owned by Kuafu Properties, whose directors separated in 2016. Previous renderings envisioned a 1,240-foot tower on the site that would be the tallest on the Upper East Side. The new debt replaces $ 100 million loan granted by Bank OZK in 2017.

7) Magnum FiDi | $ 75 million

Ben Shaoul’s Magnum Real Estate obtained a $ 74.9 million inventory loan from Ares Commercial Real Estate for 30 unsold condo units in 140 West Street in the financial district, also known as the Verizon Building or 100 Barclay. Magnum and its partner CIM Group acquired the 21 upper floors of the 31-story building in 2013, and made it 157 condos.

8) (tie) Purchase of bankruptcy | $ 70 million

Signature Bank provided a $ 70 million loan to Madison Realty Capital for its $ 153 million acquisition of a portfolio of apartments of 15 bankrupt buildings previously owned by Raphael Toledano. A Brookhill Capital subsidiary of Toledano owed Madison about $ 140 million, including $ 124 million used to purchase the buildings in 2016, interest, and attorneys’ fees.

8) (tie) Fresh water | $ 70 million

Vanbarton Group refinanced the 24-story office building at 160 Water Street in Lower Manhattan with a $ 70 million loan from Brookfield Real Estate Financial Partners. Vanbarton, a spin-off of Emmes Asset Management, acquired the 480,000-square-foot building for $ 165 million in 2014, with a $ 99.6 million loan by JPMorgan Chase.

10) Naftali Debt | $ 61 million

Hapoalim Bank provided $ 102.7 million in construction financing, including $ 61 million in senior debt, with Naftali Group for a 12-unit condo project at 1165 Madison Avenue on the Upper East Side. The 13-story, 62,700-square-foot development will include two duplex penthouses and three full-floor residences, as well as 3,750 square feet of ground-floor retail stores.

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