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JPMorgan Chase Bank was New York City’s most active commercial real estate lender over the past year — but its typical deal size was the smallest among the city’s top lenders.
The Real Deal analyzed original mortgage filings recorded with the city between Aug. 1, 2024 and Aug. 1, 2025 across the five boroughs. JPMorgan undertook the most deals among the top lenders, 432. The firm also placed first by deal volume, as it issued some $2.4 billion worth of commercial loans. It was also the top residential lender in the city in 2025.
However, the bank’s commercial deals were the smallest, on the median, among the top 16 lenders in the Big Apple. JPMorgan’s typical deal size was just over $400,000. The next-smallest median among this cohort was Citibank, at $4.6 million.
The commercial lender with the largest median deal size among the top mortgagees was the Federal Home Loan Mortgage Corporation, better known as Freddie Mac. The government-sponsored entity undertook four deals in New York over the past year, with a median value of nearly $163 million.
By volume, Freddie Mac placed 12th, with its deal activity totaling about $620 million.
Madison Realty Capital, a real estate private equity firm co-founded by Brian Shatz and Josh Zegen, followed Freddie Mac with the second-largest median deal size of $64.3 million. In terms of volume, the firm ranked eighth, with $989 million in mortgages issued.
The top 16 lenders issued some $17 billion in mortgages in the city over the past year. Their median value, across 1,282 deals, was just over $5.4 million.
TRD’s annual analysis of both residential and commercial lenders found that the top 20 lenders doled out nearly $23 billion worth of loans over the past year, up 60 percent year over year. The spike in activity likely stems from more stabilized property markets and new tax incentives at the state level.
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