One New York Plaza, One Madison Avenue, and 605 Third Avenue top the list of the biggest home loans. (Brookfield, Wikimedia Commons, Fisher Brothers)
Manhattan’s 10 biggest loans on record in December totaled $ 2.1 billion, down slightly from that of November total.
For the second consecutive month (and the third time in four months), the largest was a single asset, single borrower CMBS loan on an office building co-owned by Brookfield. The CMBS market produced three of the first four of the month, with the exception of a construction loan for SL Green’s next big office development.
Here are the borough’s biggest mortgage loans in December:
1) SASBrookfield | $ 835 million
Wells Fargo, Goldman Sachs and BMO Harris Bank have created a $ 835 million ready for Manhattan’s southernmost skyscraper, One New York Plaza. Brookfield acquired the 50-story, 2.6 million square foot office building in 2006 as part of its acquisition of Trizec Properties, and in 2016 sold a 49% stake to Chinese sovereign wealth fund China Investment Corporation and 16% to AEW Capital Management. Morgan Stanley occupies more than half of the total space.
2) Crazy money | $ 425 million (amount recorded)
SL Green Realty landed a $ 1.25 billion construction loan for its office redevelopment on One Madison Avenue, of which $ 425 million was recorded on real estate records last month. The loan was made by a consortium of banks including Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank. In May, the developer sold 49.5 percent of its stake in the 1.4 million square foot, $ 2.3 billion project to Hines and the National Pension Service of Korea.
3) Fisher Price | $ 309 million (main debt)
Morgan Stanley provided a $ 309 million CMBS refinancing for Fisher Brothers and JPMorgan Asset Management’s 605 Third Avenue, a 44-story, 1.1 million square foot office tower near Grand Central Terminal and the United Nations. In October, JPMorgan put its 49% stake on the market, aiming for a price that would value the building at around $ 600 million. JPMorgan bought the stake in 2015 from Rockpoint Group.
4) Elo Ranking | $ 141 million
Jack Elo’s secure Elo organization $ 141 million in Citi Real Estate Funding’s CMBS financing for a trio of Diamond District office buildings. The loan financed Elo’s $ 110 million acquisition of 15 West 47th Street from the Chetrit family and also replaced the debt on 151 West 46th Street and 48 West 48th Street, which the owner has owned since 2001. In addition to many tenants in the jewelry industry, the portfolio’s major tenants include the Cuban restaurant Havana Central.
5) Best… goodbye | $ 122 million (main debt)
Silverstein Properties has secured a $ 171 million refinancing from JPMorgan Chase for 529 Fifth Avenue in Midtown, including $ 122 million hit the public records. The 283,000-square-foot, 20-story commercial tenant, Best Buy, is expected to cross the street at 535 Fifth Avenue of the Moinian Group this year, and the main tenant of the Citrin Cooperman office announced its departure in September. The owner will undertake major renovations following these vacancies.
6) Bank * Cooperative * | $ 70 million
National Bank of Consumer Co-operatives provided $ 69.9 million in the lease financing of Rivercross, a 365-unit co-op located at 531 Main Street on Roosevelt Island. The former Mitchell-Lama building was privatized in 2014, making it the first privatized cooperative on the island.
7) Pinnacle Wallet | $ 64 million
Joel wiener’s Pinnacle Group, inscribed on the Tel Aviv Stock Exchange like the Zarasai Group, raised $ 64 million through a new round of Israeli bonds secured by four New York multi-family properties. These include 84 units 3647 Broadway and 79 units 3657 Broadway in Manhattan, as well as 90 units 86-06 35th Avenue in Queens and 53 units 143 Linden Boulevard in Brooklyn. The Series E bonds have an interest rate of 5.45% and mature in 2025.
8) Mortgage side | $ 51 million
The main life insurance company provided a $ 51 million refinancing of Morningside Gardens, a six-building, 982-unit cooperative complex between LaSalle Street and West 123rd Street in Morningside Heights. According to property records, the loan replaces a $ 38.5 million package provided by Wells Fargo in 2011.
9) Chetrit check | $ 49 million
Chetrit Group received a $ 49.25 million Axos Bank’s first-tier inventory loan for 51 unsold condominium units at 49 Chambers Street in Tribeca. In addition, Silverstein Properties issued a $ 41.5 million mezzanine loan for the units. The loan proceeds were used to repay a portion of the existing 97 unit condo project loans, which were issued by SL Green Realty in early 2019 and later sold to Silverstein.
10) Mystery mansion? | $ 32 million
First Republic Bank provided $ 32 million in funding an anonymous LLC to fund its $ 26 million acquisition of a five-story garage at 332 West 11th Street in the West Village, as well as future development of the site. No plan has been submitted to the Ministry of Buildings. Limited reported in 2019, that seller, Jack Jakub of Apple Parking, was fetching nearly $ 50 million for the site, dubbed “one of the last mega-mansion opportunities in the West Village.”
