Summer slump: Manhattan’s 10 biggest loans shrivel

New York real estate is not known for small numbers, but June’s top loans tally was just that. Borrowers pulled in $630 million last month for their renovations, acquisitions and refinancings, less than half the total amount they did in May, and a far cry from the $4.5 billion the biggest borrowers pulled in June 2021.

Chalk it up to a slow summer, perhaps, or worse, the lingering uncertainty in commercial real estate set off by the spike in interest rates. Still, residential rental properties remained favorable candidates for financing.

Here’s a breakdown of the 10 biggest real estate loans recorded in June.

Family matters | $240 million

Albert Kalimian received $240 million from Citi, Wells Fargo and JPMorgan Chase to buy a 75 percent stake in 79 Fifth Avenue, a 270,000-square-foot office building in Flatiron, for $277 million. As part of the deal, Kalimian picked up a 25 percent stake in the property from Eagle Point Properties. The remaining 50 percent stake came his way from inside the Kalimian family.

Haruvi maneuver | $183 million

Peter Hungerford’s PH Realty received $183 million from Rialto Capital to acquire a dozen residential buildings, which belonged to the Haruvi family, for $139 million. Located mostly on the Upper West Side, the 27 residential buildings span 330,000 square feet. Abe Haruvi battled his brother and co-owner Arthur in court for years over the properties.

CIM city | $94 million

Apollo Commercial Real Estate Finance provided $94 million in debt at CIM Group’s luxury rental building on 165 East 66th Street, at the corner of Third Avenue in Lenox Hill. The loan was part of a $137 million refinancing package, where PIMCO holds the remainder of the debt. Called the Hanley, CIM bought the property for $200 million in 2019. A two-bed, two-bath apartment on the ninth floor lists for $11,450.

From China with liquidity | $22 million

CL Investment Group received $22 million for a condo inventory loan from Bank of China at 555 West End Avenue, a 13-unit condo conversion on the Upper West Side with six unsold units and a $50 million sellout price (down from an original $160 million). Cary Tamarkin partnered with CL Investment on the project. The penthouse is listed for just under $5,000 per square foot. The loan refinances prior debt held by Bank of China.

Co-op coffers | $20 million

A co-op at 650 Park Avenue in Lenox Hill received $20 million from Valley National Bank. The 59-year-old, 21-story building has 94 apartments and is managed by Douglas Elliman Property Management.

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Going up | $16 million

Steven Miller’s SSM Realty secured $15.7 million from Berkadia at 225 East 26th Street, an 89-unit rental building in Kips Bay. The building is replacing its elevator, among other renovations, according to the Department of Buildings. A two-bedroom apartment recently rented for $6,000 per month and a studio rented for $3,000, according to StreetEasy.

Roof and restoration | $14 million

Meringoff Properties received a $14.3 million loan from Aareal Capital for its office building at 462 Broadway, also known as 24 Crosby Street. At 165,000 square feet, it’s the largest cast-iron structure in Soho, according to PBDW Architects. Built in 1880, the firm fully restored the building after Meringoff secured a $79 million loan from Aareal in 2016. Meringoff also recently filed permit applications to build a roof terrace. Notable tenants include digital advertiser DoubleVerify and the International Culinary Center.

Multifamily move | $14 million

M&T Bank, which recently forecast a decline in its multifamily lending, assumed over $14.2 million in debt on the Village Landmark building, a 53-unit rental asset at 259 West 10th Street in the West Village. This debt was originated by People’s United Bank, which was acquired by M&T this year. The Kalimian family and Eagle Point Properties own the 53-unit rental building. It spans 51,000 square feet. Entities controlled by Eagle Point Properties bought a 75 percent stake in the property from the Kalimian family for $31.5 million. The building also has an address of 697 Greenwich Street. A two-bed, two-bath unit is listed at $9,100 per month.

Levered Levy | $14 million

Signature Bank, which also said it plans to curb commercial loans, lent $13.5 million to Levy Group for its $18.7 million purchase of the residential portion of 1286 First Avenue that features in Lenox Hill. Slate Property Group was the seller.

Rental refi | $13 million

Ded Gjonaj received $12.9 million from Peapack-Gladstone Bank to refinance 208 West 151st Street, a 121-unit rental building in Central Harlem. The loan includes $4.5 million in new funds, and retires debt from Sterling National Bank as lender.