These are Manhattan’s biggest home loans in June

79 Fifth Ave, 165 East 66th Street, 555 West End Avenue (Google Maps, Hanley New York, 555westendave)

New York real estate isn’t known for its small numbers, but June’s top loan tally was just that. Borrowers withdrew $630 million last month for renovations, acquisitions and refinances, less than half the total amount they did in May, and a far cry from the $4.5 billion that the biggest borrowers withdrew in June 2021.

This may be due to a sluggish summer, or worse, the continued uncertainty in commercial real estate triggered by soaring interest rates. Nonetheless, residential rental properties remained favorable candidates for financing.

Here is a breakdown of the 10 largest home loans recorded in June.

Family Affairs | $240 million

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

Haruvi maneuver | $183 million

Peter Hungerford’s PH Realty received $183 million from Rialto Capital to acquire a dozen apartment buildings, which belonged to the Haruvi family, for $139 million. Located primarily on the Upper West Side, the 27 apartment buildings span 330,000 square feet. Abe Haruvi fought 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 indebted to the CIM Group’s luxury rental building at 165 East 66th Street, corner of Third Avenue in Lenox Hill. The loan was part of a $137 million refinancing program, where PIMCO holds the rest 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 costs $11,450.

From China with cash | $22 million

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

Cooperative funds | $20 million

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

Mount | $16 million

Steven Miller’s SSM Realty Secured $15.7 million de 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 Buildings Department. A two-bedroom apartment recently rented for $6,000 a month and a studio rented for $3,000, according to StreetEasy.

Roofing 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 company fully restored the building after Meringoff secured a $79 million loan from Aareal in 2016. Meringoff also recently applied for permits to build a rooftop terrace. Notable tenants include digital advertiser DoubleVerify and the International Culinary Center.

Multi-family move | $14 million

M&T Bank, which recently forecast a drop in its multifamily loans, took on more than $14.2 million debt on the Village Landmark building, a 53-unit rental asset at 259 West 10th Street in the West Village. This debt was issued 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 property. It covers 51,000 square feet. Entities controlled by Eagle Point Properties purchased a 75% interest 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 costs $9,100 per month.

Leverage Levy | $14 million

Signature Bank, which also announced plans to limit commercial lending, lent $13.5 million to Levy Group for its $18.7 million purchase of the residential portion of 1286 First Avenue in Lenox Hill. Slate Property Group was the seller.

Refi rental | $13 million

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

Comments are closed.