Make the Call: Sales, loans, courts highlights from the week ending July 23
Last week lending far outpaced commercial sales, and several of the large sales involved the City of New York.
Over the last week, there were $2.6 billion in loans ($5 million and up) recorded, compared with $236 million in sales recorded above $2 million, a ratio of more than 10 to one. That is in contrast to the ratio of four to one over the past year, during which there have been $84.7 billion in loans and $21.6 billion in sales, according to a preliminary PincusCo analysis.
The loan highlights:
-Golden Bridge Funding, an affiliate of the Israel-based Tandem Capital, founded by CEO Erez Britt, provided it’s largest NYC loan ever, according to a review by PincusCo. It was a $20 million construction loan.
-RFR Holding, which has been under pressure at several properties over the past two years including losing control of the Lever House ground lease, signed a $197.6 million refinance at 980 Madison Avenue with Credit Suisse that included a $51.5 million gap loan.
-A&E Real Estate Holdings refinanced $529 million with JPMorgan Chase Bank, the largest multifamily deal the bank has done in the city in at least two years.
-Santander Bank provides its largest New York City construction loan in at least two years, to Boston-based Davis Companies, giving $84.4 million for a storage building planned for 165 West 29th Street in Chelsea.
Sales were slower. An entity affiliated with hotel owner Shimmie Horn sold the most expensive property of the week, totaling $25.2 million, at 427 West 52nd Street, but the buyer was not disclosed. The second largest sale was the city’s School Construction Authority buying two properties for $23.6 million. The third largest sale was the city selling land in Greenpoint for $22.9 million to the Park Tower Group, for a residential development. Greenbrook Partners and Carlyle Group continued their acquisitions, buying three properties for a total of $11 million.
The largest foreclosure over the past week was Invictus suing Cheskie Weisz’s CW Realty, claiming it’s $77.7 million loan was in default. The second-largest pre-foreclosure suit last week was Maverick Real Estate Partners filing to foreclose on a $13.75 million mortgage secured by a $30 million residential condo unit in 432 Park Avenue, number 72A. And the property affiliate of ABC Carpet & Home filed for bankruptcy on the same day that Normandy Real Estate Partners sued it for $7.3 million in back rent.
–Adam Pincus