Data snack: $230M in 17 NYC note sales recorded last month

There were at least 17 New York City loans with a combined original principal of $230 million recorded as sold last month, according to an analysis by PincusCo Media. The number of sales was the same as April, the dollar volume was lower but the median value per loan rose from $4.9 million in April to $13 million in May.

The note sellers and note buyers were a diverse collection in both months. No investor bought more than four loans and no lender sold more than four loans during April and May, according to the analysis.

The top buyer by number of loans was Maverick Real Estate Partners with four, in a tie with JY Tangerous. The next highest was two, by Hirshmark Capital.

The data is compiled by PincusCo Media through an analysis of city property records. Note sales are not identified as such in city records and so the analysis may be incomplete.

The top sellers were BankUnited with four sales over the two months, followed by four banks tied with two loans each: Sterling National Bank, Conventus LLC, Broadview Capital and Flushing Bank. Over the two months, there were 26 individual buyers including four limited liability companies that could not be tied to a known person or entity. There were 27 different sellers.

The largest note sale in April was Mitsui Fudosan buying the $426 million construction debt at its condo project in partnership with SJP Properties at 200 Amsterdam Avenue on the Upper West Side. The largest in May was Ares Commercial Real Estate buying a note with an original principal of $48 million from G4 Capital Partners for an 84-unit condo development at 285 Schermerhorn Street in Downtown Brooklyn.

–By Adam Pincus