New York real estate isn’t known for its small numbers, but June’s top loan tally was just that. Borrowers withdrew $630 million last month for renovations, acquisitions and refinances, less than half the total amount they did in May, and a far cry from the $4.5 billion that the biggest borrowers withdrew in June 2021.
This may be due to a sluggish summer, or worse, the continued uncertainty in commercial real estate triggered by soaring interest rates. Nonetheless, residential rental properties remained favorable candidates for financing.
Here is a breakdown of the 10 largest home loans recorded in June.
Family Affairs | $240 million
Albert Kalimian received $240 million from Citi, Wells Fargo and JPMorgan Chase to buy a 75% stake in 79 Fifth Avenue, a 270,000 square foot office building in Flatiron, for $277 million. As part of the deal, Kalimian acquired a 25% interest in the property from Eagle Point Properties. The remaining 50% stake came from within the Kalimian family.
Haruvi maneuver | $183 million
Peter Hungerford’s PH Realty received $183 million from Rialto Capital to acquire a dozen apartment buildings, which belonged to the Haruvi family, for $139 million. Located primarily on the Upper West Side, the 27 apartment buildings span 330,000 square feet. Abe Haruvi fought his brother and co-owner Arthur in court for years over the properties.
CIM city | $94 million
Apollo Commercial Real Estate Finance provided $94 million in debt to CIM Group’s luxury rental property at 165 East 66th Street, corner of Third Avenue in Lenox Hill. The loan was part of a $137 million refinancing program, where PIMCO holds the rest of the debt. Called the Hanley, CIM bought the property for $200 million in 2019. A two-bed, two-bath apartment on the ninth floor costs $11,450.
From China with cash | $22 million
CL Investment Group received $22 million for a Bank of China condo inventory loan at 555 West End Avenue, a 13-unit condo conversion on the Upper West Side with six unsold units and a sale price of $50 million (compared to the original $160 million). Cary Tamarkin partnered with CL Investment on the project. The penthouse is listed for just under $5,000 per square foot. The loan refinances previous debt held by Bank of China.
Cooperative funds | $20 million
A co-op at 650 Park Avenue in Lenox Hill received $20 million from Valley National Bank. The 59-year-old, 21-story building has 94 apartments and is managed by Douglas Elliman Property Management.
Mount | $16 million
Steven Miller’s SSM Realty has secured $15.7 million from Berkadia at 225 East 26th Street, an 89-unit rental property in Kips Bay. The building is replacing its elevator, among other renovations, according to the Buildings Department. A two-bedroom apartment recently rented for $6,000 a month and a studio rented for $3,000, according to StreetEasy.
Roofing and restoration | $14 million
Meringoff Properties has received a $14.3 million loan from Aareal Capital for its office building at 462 Broadway, also known as 24 Crosby Street. At 165,000 square feet, it’s the largest cast-iron structure in Soho, according to PBDW Architects. Built in 1880, the firm fully restored the building after Meringoff secured a $79 million loan from Aareal in 2016. Meringoff also recently applied for permits to build a rooftop terrace. Notable tenants include digital advertiser DoubleVerify and the International Culinary Center.
Multi-family move | $14 million
M&T Bank, which recently forecast a drop in its multifamily lending, assumed more than $14.2 million in debt on the Village Landmark building, a 53-unit rental asset at 259 West 10th Street in the West Village. This debt was issued by People’s United Bank, which was acquired by M&T this year. The Kalimian family and Eagle Point Properties own the 53-unit rental property. It covers 51,000 square feet. Entities controlled by Eagle Point Properties purchased a 75% interest in the property from the Kalimian family for $31.5 million. The building also has an address of 697 Greenwich Street. A two-bed, two-bath unit costs $9,100 per month.
Leverage Levy | $14 million
Signature Bank, which also announced plans to cut commercial lending, loaned Levy Group $13.5 million for its $18.7 million purchase of the residential portion of 1286 First Avenue in Lenox Hill. . Slate Property Group was the seller.
Refi rental | $13 million
Ded Gjonaj received $12.9 million from Peapack-Gladstone Bank to refinance 208 West 151st Street, a 121-unit rental building in downtown Harlem. The loan includes $4.5 million in new funds and forgives Sterling National Bank’s debt as lender.