64.6% of Signature Bank’s NYC lending since 2020 was multifamily: PincusCo analysis
777 Third Avenue (Credit - Google) (1)
Just over 64.6 percent of the loans of $5 million and up that Signature Bank made or refinanced in New York City since 2020 have been for multifamily properties, according to an analysis by PincusCo Media of city property records.
Even so, four of the top 10 loans made over the past three years were to office properties, including to William Kaufman Organization at 777 Third Avenue, Princeton International Properties, Edmond M. Safra and partnership between the Feil Organization and Malkin Holdings, all clustered near Grand Central Terminal in Midtown.
The bank did not make outsized loans over the past three years, with its largest loan being $165 million to A&E Real Estate Holdings in 2021 for a Kew Gardens portfolio. It made 13 loans of $100 million and up since 2020.
Of those $13.4 billion in loans, $6.15 billion, or 46 percent of the total, were in Manhattan, followed by $3.45 billion in Brooklyn representing 26 percent, and $2.3 billion in Queens and $1.5 billion in the Bronx.
Manhattan led with the most office loans, totaling $1.7 billion, and also led with the most multifamily loans, with $3.8 billion. Brooklyn led with the most commercial, non-office loans, with $1.2 billion. The largest of those loans was a $50 million loan given to the Adjmi family’s ACHS Management for 1007 Flatbush Avenue in Flatbush, Brooklyn.
