Data snack: $14.6B in NYC construction loans last year

In 2020, lenders gave 230 construction loans on New York City projects with a total value of $14.6 billion. The top lender was Wells Fargo, which was a party in some capacity on 11 deals with a total value of $4.5 billion. It’s largest loan was $973 million given to Oxford Properties Group for the rehabilitation of St. John’s Terminal at 550 Washington Street in Soho. Other lenders on the deal were TD Bank and JPMorgan Chase Bank.

The most active lender in terms of the number of loans was Northeast Community Bank with 17 loans concentrated in the Bronx, totaling $103 million.

Other active lenders by volume included S3 Capital with 11 loans totaling $156.5 million; Popular Bank with 12 loans totaling $166 million, and Goldman Sachs with a total of eight projects valued at $830 million.

Manhattan saw $8.6 billion in 63 deals, Brooklyn had $2.7 billion in 69 deals, Queens saw $1.5 billion in 41 deals and the Bronx had $1.7 billion in 57 projects.

Methodology: PincusCo tracks all loans of $5 million and up recorded in New York City. We define new construction as a building loan/project loan secured by a new building development. We define rehab construction as a building loan/project loan secured by an existing building. We combine the land loan, building loan and project loans in our “construction loan” totals.

Questions: If you’d like to do your own analysis with this or another of our data sets, please reach out to ap@PincusCo.com.

-Adam Pincus