Cantor Fitzgerald buys $142M in Flagstar loans, $343M being offered
1114 Ward Avenue (Credit - Cyclomedia)
Cantor Fitzgerald recorded the purchase of 17 commercial real estate loans with an approximate aggregate original loan balance of $142 million from Flagstar Bank on January 17 and January 23, the first of an expected total of $343 million in loan. The purchase date was December 30, 2024. The borrowers included Alma Realty with five loans totaling $61 million, Pinnacle Group with three totaling $17.6 million, Croman Real Estate with two totaling $13.1 million, and Fairstead with one loan for $14 million.
The Commercial Observer previously reported that Flagstar Bank, through its entity Flagstar Financial, was marketing for sale $343 million in debt, but did not identify the buyer.
Cantor Fitzgerald is an affiliate of the brokerage Newmark.
| wdt_ID | Borrower | Address | Latest recorded loan |
|---|---|---|---|
| 1 | Alma Realty | 1114 Ward Avenue | 9,000,000 |
| 2 | Alma Realty | 149 Vermilyea Avenue, 157 Vermilyea Avenue, 15 Arden Street, and 17 Arden Street | 9,116,520 |
| 3 | Harry Sohn | 2100 Creston Avenue | 7,915,000 |
| 4 | Pinnacle Group | 25 Cumming Street | 7,990,000 |
| 5 | Alma Realty | 3607-3609 Broadway | 16,500,000 |
| 6 | Croman Real Estate | 1590 Lexington Avenue | 8,400,000 |
| 7 | Andrew Tonaj | 333 E Mosholu Parkway N | 7,400,000 |
| 8 | Palush Marku | 3447 Dekalb Avenue and 3424 Knox Place | 5,361,000 |
| 9 | Zeqe Mejmetaj | 3540 Decatur Avenue | 7,570,000 |
| 10 | Gjek Gjonlekaj | 907 East 221st Street | 4,000,000 |
| 11 | Croman Real Estate | 212/214 East 105th Street | 4,700,000 |
| 12 | Tony Huang | 656 West 171st Street | 4,560,000 |
| 13 | Pinnacle Group | 147-03 Northern Boulevard | 4,287,774 |
| 14 | Ludovik Benedek | 1525 West 11th Street | 5,000,000 |
| 15 | Alma Realty | 2102 Amsterdam Avenue and 2100 Amsterdam Avenue | 5,000,000 |
| 16 | Alma Realty | 520 West 163rd Street, 505 West 162nd Street, and 530 West 163rd Street | 21,451,000 |
| 17 | Fairstead | 3604/3606 Broadway, 3600/3602 Broadway, and 3608/3610 Broadway | 14,100,000 |
The transactions include, Cantor Fitzgerald and Series 2024-AHP1 through the entity Cf Spg Depositor, LLC, which bought a note with an original principal of $9.0 million secured by Alma Realty’s 72-unit residential elevator building (D7) at 1114 Ward Avenue in Soundview, Bronx.
Cantor Fitzgerald and Series 2024-AHP1 through the entity Cf Spg Depositor, LLC bought a note with an original principal of $9.1 million secured by Alma Realty’s 31-unit residential walkup building (C1) at 149 Vermilyea Avenue in Inwood, Manhattan, 31-unit residential walkup building (C1) at 157 Vermilyea Avenue in Inwood, Manhattan, and 15-unit residential walkup building (C1) at 15 Arden Street in Washington Heights, Manhattan.
Cantor Fitzgerald and Series 2024-AHP1 through the entity Cf Spg Depositor, LLC bought a note with an original principal of $7.9 million secured by Harry Sohn’s 65-unit residential elevator building (D1) at 2100 Creston Avenue in Fordham Heights, Bronx.
The deal closed on December 30, 2024 and was recorded on January 23, 2025. The property has 66,474 square feet of built space and 18,843 square feet of additional air rights for a total buildable of 85,291 square feet according to a PincusCo analysis of city data.
Cantor Fitzgerald and Series 2024-AHP1 through the entity Cf Spg Depositor, LLC bought a note with an original principal of $16.5 million secured by Alma Realty’s 84-unit residential elevator building (D7) at 3607-3609 Broadway in Harlem, Manhattan.
The deal closed on December 30, 2024 and was recorded on January 23, 2025. The property has 56,436 square feet of built space and 3,697 square feet of additional air rights for a total buildable of 60,151 square feet according to a PincusCo analysis of city data. .
The signatory for Cantor Fitzgerald and Series 2024-AHP1 was Christian Wall.
Separately, Flagstar Bank sold its residential mortgage servicing and third-party origination to the servicer, Mr. Cooper.
The borrower
The PincusCo database currently indicates that Alma Realty owned at least 149 commercial properties with 6,764 residential units in New York City with 7,539,194 square feet and a city-determined market value of $745.9 million. (Market value is typically about 50% of actual value.) The portfolio has $682.1 million in debt, with top three lenders as Deutsche Bank, New York Community Bank, and Efstathios Valiotis respectively. Within the portfolio, the bulk, or 68 percent of the 7,539,194 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 36 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.
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