The largest real estate loans in Manhattan last month saw the money move from the Far West Side back to the center of the island. Midtown dominated the market for property debt in May, with the month’s largest loans backing the neighborhood’s office towers. In total, the 10 largest Manhattan loans equaled $3.4 billion, down from April’s $4.2 billion. See the full list below:
1) Times Square 2.0 – $1.4 billion
Maefield Development has bet big on the future of Times Square, acquiring the hotel-and-retail project at 701 Seventh Avenue from its partners in a $1.5 billion deal. It refinanced that property with a $2 billion loan package, $1.4 billion of which was recorded in city records in May. Across the street, Maefield is also developing 1568 Broadway, or TSX Broadway, another mixed-use hotel project that’s still needs a construction loan.
2) Savanna in the park – $463 million
Private equity investor Savanna acquired the office tower 5 Bryant Park from Blackstone Group, financing the deal with a $463 million loan from Deutsche Bank. Tenants at the building include Seamless, Movable Ink and HOK Architects.
3) Upper West Upside – $300 million
The full condominium conversion of the Belnord at 2360 Broadway is a work in progress, but developers HFZ Capital Group and Westbrook Partners have refinanced the loan on the property with $300 million from Wells Fargo. A majority of the building’s rent-stabilized tenants remain, some of whom have protested the developer’s construction work in their building.
4) A royal refinance – $250 million
Vornado Realty Trust refinanced its leverage on the Crowne Plaza Time Square Hotel, tapping Deutsche Bank and Morgan Stanley for $250 million. A Deutsche subsidiary was the previous lender. Vornado owns 57 percent of the building.
5) Hakimian in Hell’s Kitchen – $240 million
Hakimian Organization refinanced its Hell’s Kitchen office tower at 636 11th Avenue with a $240 million loan from JPMorgan Chase and Citi Real Estate Funding. The building is home to advertising firm Ogilvy & Mather, which began a 20-year lease in 2009.
6) Flatiron rental loan – $218 million
Friedland Properties and Rose Associates recently opened the new rental building 7 West 21st Street and have since refinanced the loan with $218 million from Wells Fargo’s multifamily division. The development was originally financed with state bonds. A two-bedroom apartment at the address can cost up to $9,000 a month.
7) Name changer – $140 million
The W Hotel at 541 Lexington Avenue ain’t called that anymore. Now owned by Highgate and Capstone Equities, the partners have rechristened the place, calling it the Maxwell. They also refinanced the building with a $140 million loan from asset manager LoanCore.
8) Upper East-side manner – $127 million
Upper East Side Rehabilitation and Nursing Center refinanced its facility at 211 East 79th Street with a $127 million loan from Key Bank. Key Bank also provided the leverage when Cassena Care, its operator, bought the building in 2015.
9) Timeless tower – $120 million
Tribeca Associates and Vanke refinanced the neo-gothic landmark known as Bush Tower at 130 West 42nd Street with $120 million from United Overseas Bank. Completed in 1916, it was originally designed as a meeting place for industrialists and merchants to do business before being converted to offices in the 1930s.
10) Pritzker perfect – $120 million
Pritzker winner Álvaro Siza has finally realized the discipline of architecture’s noblest of pursuits: designing a luxury condo for a developer in New York City. That developer, Sumaida + Khurana and its partner LENY, landed a construction loan to make Siza’s vision a reality — $155 million from Madison Realty Capital and Apollo Global Management, $120 million of which was recorded in May. The project is going up at 611 West 56th Street.