The Real Deal New York

These were the 10 largest Manhattan real estate loans in August

$365 million loan for 101 Park Ave tops the list
By Kevin Sun | September 19, 2018 07:00AM

Clockwise from left: 101 Park Avenue, the site of Northwell Health’s redevelopment at East 76th Street to East 77th Street along Third Avenue, and 505 Fifth Avenue (Credit: Wikipedia, Google Maps, and KPF)

August was a low-key month for the Manhattan real estate debt market, with the top ten deals totaling just $1.6 billion, less than half of last month’s total ($3.26 billion), and even less than the top-10 outer borough loans, a rare occurrence. Most of the larger loans that did take place last month were refinancings of existing mortgages. See the full list below:

1. 101 Park Ave – $365 million

The largest debt deal in August went to H.J. Kalikow & Co., who landed a $365 million mortgage from Bank of America for 101 Park Ave, replacing an earlier $300 million loan from the same lender and adding a $65 million gap mortgage.

Home to various financial service firms such as Morgan Stanley, PricewaterhouseCoopers and Aetna Life Insurance, the 46-story office tower will soon host the American Kennel Club’s Museum of the Dog as well.

2. Health center redevelopment – $246 million

Northwell Health, in collaboration with nonprofit developer University Financing Foundation, secured a $246 million mortgage from CGA Mortgage Capital for its development of an outpatient center on the Upper East Side.

The parcels to be redeveloped are located one avenue away from Northwell’s Lenox Hill Hospital. Northwell aims to establish a major cancer care facility in the area.

3. Another half-billion for Extell – $228.1 million

Just a month after securing $530 million for its Brooklyn Point development, Gary Barnett’s Extell Development received a $500 million loan from JPMorgan Chase, which would top the list for last month. However, only $228.1 million of those loans were recorded by the Department of Finance, with the higher sum being disclosed in Tel Aviv Stock Exchange filings.

The loan, backed by shares in Barnett’s Central Park Tower, will help refinance two development sites in Midtown and one in Harlem.

4. A Helaba deal – $200 million

Stawski Partners secured $200 million in debt from German bank Landesbank Hessen-Thüringen, also known as Helaba, replacing a previous $150 million loan from the same lender and adding $50 million in new financing for the office building at 505 Fifth Avenue.

One of several Stawski properties on Fifth Avenue, 505 is home to the NYC headquarters of Norway’s Norges Bank, as well as venture capital firm Corigin Holdings and wealth management firm Hightower Sports and Entertainment.

5. Roth’s retail refi – $120 million

Vornado Realty Trust refinanced its retail building at 4 Union Square South – home to a Whole Foods Market and Burlington Coat Factory – with a $120 million loan from Wells Fargo, replacing a 2012 loan from the same lender.

6. New York gets more Moxy – $105 million

Tribeca Associates secured a $105 million loan for its newly completed Moxy Hotel at 143 Fulton Street in the Financial District, replacing its $61 million construction loan from Bank of the Ozarks.

The 30-story, 298-room tower is the second hotel from Marriott-affiliated Moxy to open in NYC, after the flagship location at485 Seventh Avenue opened last year.

7. (tie) Durst Harlem refi – $95 million

The Durst Organization secured a $95 million loan from Buffalo-based M&T Bank to refinance its development of four buildings in Harlem, of which 1800 Park Avenue is the largest.

The loan adds $30 million in new debt to a previous $65 million loan from the same lender.

7. (tie) Upper West Side rental loan – $95 million

Acuity Capital refinanced a Upper West Side rental building, The Greystone at 212 West 91st Street, with a $95 million mortgage from French bank Natixis Real Estate Capital, replacing a previous $88.4 million loan from Santander Bank.

9. Midtown office loan – $72 million

ABS Partners landed a $72 million loan from Principal Life Insurance Company for its office building at 270 Madison Avenue in Midtown, replacing a $68 million note from JPMorgan Chase.

The building is home to a number of law firms, including at least one – Wolf Haldenstein – that has been a tenant for all 95 years of the building’s existence.

10. Midtown rental loan – $71.4 million

Rockrose Development nabbed a $71.4 million loan for a Midtown rental building from Wells Fargo, replacing $48.3 million in old debt for the apartment building at 410 West 53rd Street known as Midwest Court.