Real Estate

New York City’s Top CRE Loans of May 2025

27 June 2025

As the office-to-resi boom continues apace, Nathan Berman and David Warner’s massive Midtown conversion scored the city’s biggest real estate loan last month, representing record financing both in terms of the type of project in New York and for the lender itself.

Lenders doled out dollars across asset classes, including Durst Organization’s office tower at 1155 Sixth Avenue and the ground under 32 Old Slip in Lower Manhattan, also known as One Financial Square in Manhattan.

Across the East River, developers scored financing to build several residential projects, including Yitzchok Katz’s four adjacent 99-unit multifamily buildings in Boerum Hill.

Here are the top five real estate loans in Manhattan, as well as the top five in the outer boroughs.

Pfizer geyser | $720M | Midtown

Madison Realty Capital provided $720 million to Nathan Berman’s Metro Loft and David Werner for the country’s largest-ever office-to-resi conversion at the former Pfizer headquarters building in Midtown East. The developers are planning a 1,600-unit rental building at 235 East 42nd Street that will also include 100,000 square feet of amenities and 30,000 square feet of ground-floor retail space. An IPA Capital Markets team led by Max Herzog, Marko Kazanjian and Andrew Cohen arranged the loan.

Durst dough | $250M | Midtown

Wells Fargo and JPMorgan Chase provided $250 million to the Durst Organization for its Class A office tower at 1155 Sixth Avenue. The fresh financing replaced a $110 million loan from Munchener Hypothekenbank, UBS, AIG and Aareal Bank. The 740,000-square-foot, 40-story building underwent a $130 million capital improvement project a few years ago. Tenants include Global Relay, Perkins Coie, Jenner & Block and Cornell University.

One and done | $167M | Financial District

Goldman Sachs, Barclays and Morgan Stanley provided $167 million to Safehold and the Melohn Group for the ground under RXR’s 32 Old Slip in Lower Manhattan, also known as One Financial Square. Four years ago, iStar bought a stake in the land beneath the building for $90.5 million, picking it up from the family trust of developer Leon Melohn; iStar would go on to merge with Safehold in 2023 after the latter served as iStar’s ground lease real estate investment trust. Melohn bought the fee interest for $197.5 million in 2015 from Scott Rechler’s RXR in partnership with David Werner.

Good for the goose | $166M | Boerum Hill

Scale Lending, the debt arm of Slate Property Group, provided $166 million to Yitzchok Katz’s Goose Property Management to build four adjacent multifamily buildings in Boerum Hill. The project includes three 99-unit buildings and one 70-unit building, an apparent attempt to avoid the $40 wage floor that kicks in at 100 units under 485x. The debt replaces a $100 million loan from H.I.G. Realty Partners.

Clipper ripper | $160M | Crown Heights

MF1 Capital provided $160 million for Clipper Equity’s multifamily Prospect House development in Crown Heights. The loan for the 240-unit multifamily building at 953 Dean Street replaces a $123 million construction loan from Valley National Bank, Bank Leumi, Bank Mizrahi-Tefahot and Be Aviv. David Bistricer’s firm recently wrapped work on the development, which benefits from the former 421a tax incentive program, and has begun the lease-up phase of the project. A Landstone Capital Group team led by Leah Paskus and Pinchas Vogel arranged the financing.

Charney change | $135M | Fort Greene

BH3 Management and Madison Realty Capital provided $135 million to Sam Charney’s Charney Companies for its 45-story condo tower in Fort Greene. The development at 95 Rockwell Place will have a mix of one-, two- and three-bedroom apartments, as well as 500 square feet of commercial space. A key feature of the building is Charney’s collaboration with Public Records, which will curate musical sound throughout the public spaces and help design the building’s interior.

Hotel haul | $125M | Chelsea

Wells Fargo provided $125 million for Blackstone’s purchase of the Kimpton Hotel Eventi in Chelsea. Blackstone scooped up the 290-key luxury hotel at 851 Sixth Avenue from LJ Real Estate Capital Partners for $175 million. The hotel opened in 2010 and has three restaurants, a 450-spot parking garage and 45,000 square feet of meeting space.

**Yellow-loan | $113M | Midtown**

Bank Hapoalim provided $113 million to Yellowstone Real Estate for the former Maxwell hotel in Midtown. Issac Hera’s firm snapped up the property at 541 Lexington Avenue in October for $140 million through a foreclosure auction. In addition to the refi, proceeds from the loan will go toward tax reserves and closing costs, Commercial Observer reported. Yellowstone has not yet announced its plans for the 697-key hotel.

Canal cash | $110M | Gowanus

Silver Point Capital provided a $110 million loan to Charney Companies and Tavros Capital for its latest development site in Gowanus. Charney and Tavros bought the site at 175 Third Street from Aby Rosen’s RFR Realty for $164 million. RFR cleared the property, obtained excavation and foundation permits, qualified for tax incentives and helped an environmental clean-up program for the land. Brodsky Organization and Tikehau Capital provided an additional $35 million for the purchase.

Safe Harbor | $76M | Crown Heights

Newpoint Real Estate Capital provided $76 million to Harbor Group International for its Crown Heights luxury rental building The Frederick. The Virginia-based developer bought the 193-unit building at 564 St. John’s Place in 2019 for $117 million. Amenities at the 2017 building include a rooftop deck, fitness center, parking and lounge.