The Real Deal New York

These were the largest Manhattan real estate loans in March

No one borrowed more than $185M last month
By Will Parker |
Research by Adam Pincus
May 03, 2018 10:10AM

Prudential’s John Strangfeld, 600 Madison Avenue and HSBC’s John Flint

UPDATED: Thurs., May 31, 3:02 p.m.: The market for debt was stale in March with not a single Manhattan real estate loan crossing the $200 million mark. The largest loan, as it often is, was an office tower refinancing. Elsewhere, developers picked up loans for hotel and condominium projects. Together, the 10 largest loans recorded in March add up to $1.07 billion, the lowest for any month in the last year. See the full list below:

1) Hey, look! It’s…. another midtown office tower refinancing. – $185 million

Ruben Companies refinanced its office building at 600 Madison Avenue with a $185 million loan from Prudential Insurance Company of America. The loan included a new $10 million mortgage. Tenants at 600 Madison include law firm Weil Gotshal & Manges and developer HFZ Capital. Ruben recently remodeled the building’s lobby.

2) A bundle of billionaires – $175 million

Zeckendorf Development refinanced the elaborate CEO storage unit that is 520 Park Avenue (see buyers: Barclay’s Bob Diamond, Dyson’s James Dyson) with a $175 million loan from HSBC. The 54-story skyscraper has only 33 apartments. The Children’s Investment Fund was the original construction lender.

3) Mutual, I’m sure – $155 million

In addition to lending, life insurances companies own a sizable share of real estate in Manhattan, including the 418-unit rental building at 555 West 42nd Street in Hell’s Kitchen, which Mass Mutual refinanced last month. ING Capital provided a $155 million loan to refinance the property. The previous lender was Northern Mutual Life

4) Bridge players – $129 million

Chetrit Group locked down a bridge loan in March for their Carter Hotel development near Times Square at 250 West 43rd Street. The debt should tide them over until a construction loan is negotiated. Sources told TRD that the lender, JPMorgan Chase, may be upgrading the loan to $200 million. (The full bridge financing totaled $152 million.)

5) Uptown funk – $92 million

Isaac Kassirer bought a big chunk of West 107th Street and financed the acquisition with an $80 million loan from LoanCore. The loan was previously unreported. Kassirer bought the 219-unit, Upper West Side rental portfolio from the Orbach Group.

6) On Broadway – $80 million

Madison Capital refinanced 1657 Broadway in Midtown with an $80 million loan from Aareal Capital. The loan was previously unreported. The office building is home to Times Square Church.

7) Down goes an SRO, and up goes a condo – $72 million

Certes Partners is replacing a single-room occupancy rental hotel with a luxury condo and Goldman Sachs is helping them do it. The investment bank provided a $72 million construction loan for the build at 212 West 95th Street in the Upper West Side.

8) Helaba deal – $65.5 million

The German bank Helaba refinanced Global Holdings Management’s office building at 1841 Broadway with a $65.5 million loan. The loan was previously unreported. Tenants at the building include landlord Castellan Real Estate Partners.

9) Funding the Fitzroy – $60 million

Developers JDS Development and Largo received $91 in construction financing for the Fitzroy in Chelsea, $60 million of which was recorded last month. The lender was Madison Realty Capital. The 14-unit boutique condo is going up at 514 West 24th Street.

10) Midtown Office Tower Refinancing, Redux -$60 million

Himmel + Meringoff Properties refinanced the office portion of 729 Seventh Avenue with a $60 million loan. Signature Bank provided the debt. The 12-year loan has a fixed rate of 4.25 percent.

Largest Manhattan loans recorded in March 2018
RankAddressLoan amountBorrowerLenderNeighborhood
1600 Madison Avenue$185 millionRuben CompaniesPrudential Insurance Co. of AmericaMidtown East
2520 Park Avenue (41-45 East 60th Street)$175 millionZeckendorf DevelopmentHSBCMidtown East
3555 West 42nd Street$155 millionMassachusetts Mutual Life Insurance CompanyING CapitalHell's Kitchen
4Hotel Carter, 250 West 43rd Street$129 millionChetrit GroupJPMorgan ChaseTimes Square
5210, 220 and 230 West 107th Street, 203 West 107th Street$91.9 millionEmerald Equity GroupLoanCoreUpper West Side
61657 Broadway$80 millionMadison CapitalAareal CapitalTimes Square
7212 West 95th Street$71.5 millionCertes Partners, United ManagementGoldman SachsUpper West Side
81841 Broadway$65.5 millionGlobal Holsings Management GroupHelabaLincoln Square
9729 Seventh Avenue (condo unit)$60 millionHimmel + Meringoff PropertiesSignature BankMidtown West
10Fitzroy at 514 West 24th Street$60 millionJDS Development Group, Largo InvestmentsMadison Realty CapitalChelsea
Source: The Real Deal analysis of NYC Dept. of Finance loans recorded in March 2018. Refinance deals with the same lender, mortgage spreader agreements or extensions were not included.

Correction: This story was updated to reflect the correct month in which the loans were recorded. It was March, not April.