NYC’s recorded note sales surge in 2021, hitting $592M

By Adam Pincus

Investors have been recording far more note sales in 2021 than in the fourth quarter of 2020, according to data compiled by PincusCo Media. Lenders have bought loans totaling $592 million through 32 note sales.

That’s compared to $306 million in 17 note sales for the entire fourth quarter of 2020.

The top note sales this year have been Argent Ventures buying a $195 million note secured by Vornado Realty Trust’s hotel at the Times Square hotel at 1605 Broadway. 

Other note buyers include Waterfall Asset Management, an anonymous buyer on RFR Holding’s Gramercy Park Hotel, and Fortress International Group.

The largest note sale in the fourth quarter 2020 was SL Green Realty selling a $100 million note to Davidson Kempner Capital Management, secured by an interest in Savanna’s One Court Square.

At the same time the dollar volume of property sales recorded in February has declined sharply to $495 million in 35 commercial transactions greater than $ 1million, compared with sales recorded in January.

That’s compared with $4 billion recorded in January in 146 transactions greater than $1 million. The largest transaction was 601W Companies buying 410 10th Avenue (also known as 460 West 34th Street” from SL Green Realty and others for $952.5 million.

Sales exclude corporate purchases such as LVMH’s acquisition of Tiffany’s flagship at 727 Fifth Avenue or non-arms-length acquisitions such as CIM Group taking control of unsold condo units from HFZ Capital Group.

Correction: a previous version of this post had the incorrect sale price for 410 10th Avenue.