Major real estate lending in Manhattan has literally been decimated in the past year.
Hotel owners nabbed some of the biggest loans in Manhattan last month, while residential properties — both condos and rentals — filled out the list.
Here are more details.
Island getaway | $76.5 million
AJ Capital Partners received $76.5 million from Acres Capital, including $17.6 million in new funds, secured by the only hotel on Roosevelt Island, the Graduate. The loan on 22 North Loop Road replaced one from an investment fund controlled by AJ Capital. The hotel has 224 guest rooms and 3,600 square feet of meeting space.
Taking the Fifth | $40 million
The Korein family’s Omnispective Management landed a $40 million loan, including $20 million in new funds, for 608 Fifth Avenue from Apple Bank for Savings. The 144,000-square-foot office building at the corner of 49th Street, near Rockefeller Center, includes 40,000 square feet of retail. Vornado Realty Trust walked away from its ground lease at the building in 2020 after the bankrupt retailer Topshop closed its flagship store there the year before. The funds replaced debt held by Metropolitan Commercial Bank.
Sunny day, eh? | $33 million
Canada’s Executive Group Development received $33 million from Citi Private Bank, a subsidiary of Citigroup, to refinance the Executive Hotel Le Soleil, a 119-key hotel at 38 West 36th Street in Midtown South. The loan replaced debt from U.S. Bank.
Beachhead at Normandie | $30 million
Ogden Cap Properties landed $30 million from JPMorgan Chase to refinance the Normandie Court Complex, a 383-unit multifamily building at 205 East 95th Street in Yorkville. The loan replaced debt held by Bank of New York Mellon. Facade repairs costing an estimated $1 million were approved in June by the Department of Buildings.
Take me to church | $20 million
Ekstein Development secured $20.3 million from RCG Longview to refinance a condo conversion project at 140 West 81st Street on the Upper West Side. The project will convert a two-story church into five residential condos spanning about 18,000 square feet with a sell-out price of $43 million. The funds replaced a loan from Joshua Crane’s S3 Capital. Modlin Group is the selling agent. Ekstein bought the church in 2016 for $6.7 million.
Gramercy green | $18 million
Suzuki Capital received $18 million from Hirshmark Capital to refinance debt on an 11-unit condominium at 327 East 22nd Street in Gramercy Park. The debt replaced a loan from G4 Capital. The building has a sellout target of $38 million.
Signature style | $14 million
Albert Laboz’s United American Land secured $14 million from Signature Bank, including $7.2 million in new funds, to refinance debt on 287 Broadway in Tribeca. The six-story, cast-iron building with Italian and French architectural influences, a designated landmark, spans 13,500 square feet. The money replaced a loan from Israel Discount Bank of New York. Once dubbed the “leaning landmark” for its structural deficiencies, the property underwent restoration in 2021. United American Land bought the building in 2013 for $8 million.
Chelsea & Chase | $12.5 million
The Brodsky Organization landed $12.5 million, including $2.5 million in new funds, from JPMorgan Chase to refinance the Carteret, a pre-war multifamily building with 262 units at 208 West 23rd Street in Chelsea. The loan replaced debt held by M&T Bank.
Lower East Side JV | $11 million
A joint venture of Niantic Partners and R.A. Cohen & Associates secured $11.25 million from First Republic Bank to refinance 157 Suffolk Street, a 35-unit rental building on the Lower East Side. Samkle North Miami Properties was the prior lender.
East Village rental | $11 million
Henry Moses Jr. received $11 million from JPMorgan Chase to refinance 213 East Fourth Street, a 28-unit rental building in the East Village. Jamie Dimon’s bank replaces Santander Bank as the lender.