After a decade of growth in New York City real estate’s capital markets, the biggest financing deals are shrinking. This year’s ranking of top 10 finance deals by The Real Deal found that major landlords are still refinancing existing properties more than securing funding for acquisitions.
There are exceptions, however, and one dealmaker stood out. Related Companies, after the grand opening of its $25 billion neighborhood at Hudson Yards, went on to ink three of the four largest financing deals of the year.
The largest deal of 2018 was the $1.6 billion refinanced loan from Bank of America for One Bryant Park. That was almost a $700 million drop from the peak deal of 2017, when Morgan Stanley led a syndicate of banks to provide a $2.3 billion to Boston Properties to refinance the GM Building. Notably, no Financial District buildings featured in the annual ranking.
The Top 10 Real Estate Financing Deals of 2019
|1||30 Hudson Yards Condominium||$1.43B||Related Companies, Allianz||Deutsche Bank, Goldman Sachs, Wells Fargo|
|2||1633 Broadway||$1.25B||Paramount Group||Goldman Sachs|
|3||55 Hudson Yards||$1.245B||Mitsui Fudosan America, Related Companies, Oxford Properties||Wells Fargo, DBR Investments,
|4||10 Columbus Circle||$1.10B||Related Companies||Wells Fargo|
|5||Jackson Park||$1.00B||Tishman Speyer Properties||Bank of America, Wells Fargo|
|4 Times Square||$900M||Durst Organization||JPMorgan Chase, Wells Fargo|
|One Soho Square||$900M||Stellar Management; Imperium Capital||Goldman Sachs|
|8||Crown Building Office Condominium||$807.5M||Brookfield Property Partners, Wharton Properties||Apollo Global Management|
|9||335 Madison Avenue||$750M||Milstein Properties||Brookfield Property Partners|
|10||3 Columbus Circle||$595M||Moinian Group||JPMorgan Chase; Deutsche Bank|