NYC commercial lending falls 49% over past 12 months

New York City commercial lending fell nearly 50 percent over the past 12 months that ended August 31 compared with the prior 12 month period, impacted by sharply rising interest rates and lower commercial properties values.
Over the past 12 months, lenders provided loans totaling $56.8 billion, compared with $110.5 billion in the prior 12-month period, a decline of 49 percent.

The analysis covers loans of $5 million and up recorded in New York City property records that were new loans, construction loans, refinance loans or similar transactions. The analysis only credits the original lender, not the bank that buys the loan through an assignment. In the cases of syndicated loans, PincusCo relied on news reports. The data has not been vetted with the lenders.

The top lenders reshuffled, with firms like New York Community Bank, now known as Flagstar Bank, pulling back on lending. And other banks such as Signature Bank, which was taken over by the FDIC, stopped lending all together in 2023, although they were still lending through the first quarter of 2023, and so continue to show loans in the period from September 1, 2022 to August 31, 2023 totaling nearly $1.8 billion.

Most of the top ten lenders from the year ago period, September 1, 2021 to August 31, 2022, were still significant lenders in the more recent 12-month period, but their lending was down significantly. For example the top lender in the year ago period was JPMorgan Chase with $9.1 billion in loan. In the 12 months ending August 31, that had fallen to $2.8 billion, according to PincusCo data. Its total share of lending also declined from about 8 percent to about 5 percent.

Other banks increased their lending, for instance M&T Bank grew from about $585 million in 24 loans in the year-ago period to $1.4 billion and 33 loans in the more recent period. The largest M&T Bank loan was a $425 million construction loan to Lloyd Goldman’s BLDG Management for an 818-unit development at 42-02 Orchard Street in Long Island City, Queens.

NYC commercial lending past 12 months YOY comparison

lender	pct of total 22-23	volume 22-23	transaction_count 22-23	pct of total 21-22	dollar volume 21-22	transaction_count 21-22	Pct change $	Pct change #
Axos Bank	1.14%	645,784,744	5	0.18%	201,187,000	7	221.0%	-28.6%
NYC Department of Housing Preservation and Development	0.76%	432,841,218	11	0.19%	212,816,786	10	103.4%	10.0%
Northwind Group	0.66%	374,653,010	3	0.20%	221,216,643	5	69.4%	-40.0%
PNC Bank	0.69%	392,500,000	4	0.24%	262,874,000	6	49.3%	-33.3%
NYC Industrial Development Agency	0.62%	350,000,000	1	0.27%	300,000,000	1	16.7%	0.0%
Ponce Bank	0.97%	552,394,152	33	0.28%	306,937,500	24	80.0%	37.5%
Credit Agricole	1.00%	565,000,000	3	0.33%	370,000,000	1	52.7%	200.0%
Aareal Capital	1.42%	807,755,797	4	0.35%	384,300,000	2	110.2%	100.0%
TD Bank	2.32%	1,315,260,848	24	0.37%	410,366,872	29	220.5%	-17.2%
Greystone & Co.	1.13%	643,750,700	37	0.38%	416,292,711	22	54.6%	68.2%
Bank Hapoalim	0.73%	412,018,845	10	0.44%	488,386,182	17	-15.6%	-41.2%
Capital One	0.74%	417,528,601	17	0.48%	532,595,525	18	-21.6%	-5.6%
ING				0.52%	570,000,000	1
Merchants Bank of Indiana				0.52%	574,368,247	18
PCCP	0.45%	255,106,214	3	0.52%	574,560,002	7	-55.6%	-57.1%
M&T Bank	2.48%	1,410,116,534	33	0.53%	585,491,367	24	140.8%	37.5%
Investors Bank				0.55%	608,185,957	45
U.S. Bank				0.55%	609,185,000	7
UMB Bank	0.90%	513,273,757	10	0.59%	649,056,403	10	-20.9%	0.0%
ING Capital	1.32%	750,000,000	1	0.63%	700,000,000	1	7.1%	0.0%
Landesbank Baden-Wurttemberg	0.18%	105,000,000	1	0.63%	700,000,000	1	-85.0%	0.0%
Metropolitan Commercial Bank	0.59%	332,180,220	18	0.66%	724,645,653	41	-54.2%	-56.1%
NewPoint Real Estate Capital	0.73%	413,981,000	4	0.67%	740,173,946	21	-44.1%	-81.0%
Deutsche Pfandbriefbank	0.66%	372,949,117	5	0.68%	750,911,584	6	-50.3%	-16.7%
Fortress Investment Group	0.30%	169,500,000	14	0.68%	752,708,292	16	-77.5%	-12.5%
MSD Partners	0.39%	223,960,000	3	0.69%	766,017,177	4	-70.8%	-25.0%
MF1 Capital	0.41%	229,964,000	3	0.70%	775,468,898	9	-70.3%	-66.7%
Square Mile Capital Management	0.23%	130,000,000	2	0.71%	789,050,000	5	-83.5%	-60.0%
Webster Bank	2.13%	1,207,939,379	63	0.72%	799,443,348	52	51.1%	21.2%
Customers Bank	0.21%	118,075,000	7	0.74%	820,852,662	63	-85.6%	-88.9%
MetLife				0.78%	859,390,000	11
Santander Bank	0.56%	319,218,800	18	0.79%	871,291,624	54	-63.4%	-66.7%
First Republic Bank	0.82%	466,844,667	39	0.81%	898,895,500	61	-48.1%	-36.1%
Apple Bank for Savings	1.46%	830,886,899	40	0.82%	911,468,363	42	-8.8%	-4.8%
Bank Leumi				0.84%	929,429,341	28
G4 Capital Partners	0.58%	331,393,811	5	0.94%	1,034,235,000	15	-68.0%	-66.7%
Apollo Global Management	4.38%	2,485,135,595	13	0.94%	1,035,290,282	5	140.0%	160.0%
Athene Annuity And Life Company	0.62%	349,377,759	2	0.94%	1,042,691,200	5	-66.5%	-60.0%
Bank of China				1.00%	1,102,925,000	10
Popular Bank	2.15%	1,223,060,076	53	1.02%	1,126,057,000	71	8.6%	-25.4%
Guggenheim Partners				1.06%	1,175,000,000	2
Madison Realty Capital	1.09%	621,500,000	3	1.07%	1,178,342,903	14	-47.3%	-78.6%
Dime Community Bank	1.05%	593,825,910	39	1.07%	1,180,396,614	101	-49.7%	-61.4%
AIG	1.64%	931,460,167	5	1.15%	1,271,070,356	8	-26.7%	-37.5%
New York Liberty Development Corporation				1.23%	1,364,000,000	1
Citibank	1.10%	625,133,154	14	1.28%	1,414,632,002	36	-55.8%	-61.1%
Bank of Montreal	0.55%	315,099,040	10	1.30%	1,441,525,000	8	-78.1%	25.0%
Bank OZK	0.97%	550,500,001	5	1.41%	1,553,985,001	9	-64.6%	-44.4%
NYS Housing Finance Agency	1.25%	708,658,256	8	1.49%	1,649,481,292	14	-57.0%	-42.9%
Blackstone Group	0.55%	312,000,000	2	1.54%	1,698,841,777	5	-81.6%	-60.0%
Valley National Bank	4.02%	2,281,986,144	65	1.66%	1,830,148,202	90	24.7%	-27.8%
Morgan Stanley	1.05%	597,690,000	8	1.92%	2,122,655,983	16	-71.8%	-50.0%
Barclays				2.03%	2,247,075,434	7
Bank of America	3.19%	1,810,092,606	16	2.11%	2,334,535,095	41	-22.5%	-61.0%
Goldman Sachs	1.91%	1,086,290,000	7	2.34%	2,589,571,196	24	-58.1%	-70.8%
Deutsche Bank	3.47%	1,972,625,173	19	2.78%	3,071,239,247	16	-35.8%	18.8%
NYC Housing Development Corporation	5.56%	3,159,331,549	27	2.94%	3,248,827,123	31	-2.8%	-12.9%
Flagstar Bank/New York Community Bank	1.47%	836,898,257	46	3.59%	3,966,444,229	333	-78.9%	-86.2%
Signature Bank	3.09%	1,756,676,733	105	5.19%	5,738,674,412	330	-69.4%	-68.2%
Wells Fargo	5.81%	3,301,157,813	25	6.44%	7,113,573,248	51	-53.6%	-51.0%
JPMorgan Chase	4.98%	2,824,663,697	126	8.21%	9,067,882,128	259	-68.8%	-51.4%
Mizuho Bank	2.16%	1,225,000,000	12
New York City Housing Authority	1.38%	783,000,000	1
Banco Inbursa	0.94%	535,000,000	3
Walker & Dunlop	0.75%	426,584,600	11
Arab Banking Corporation	0.70%	400,000,000	1
AustralianSuper	0.70%	400,000,000	1
Cain International	0.69%	393,611,093	5
Oversea-Chinese Banking Corporation	0.63%	360,000,000	1
lender	pct of total 22-23	volume 22-23	transaction_count 22-23	pct of total 21-22	dollar volume 21-22	transaction_count 21-22	Pct change $	Pct change #

Share this article

NYC commercial lending past 12 months YOY comparison

Archives