Top Manhattan Loans December 2025

2 February 2026

Some of Manhattan’s marquee properties are reeling in marquee loans. From rent-stabilized megacomplexes and trophy office condos to supertall towers and converted office blocks, lenders wrote nine-figure (and one ten-figure) checks to refinance, reset or reposition some of the city’s most closely watched properties. December’s top deals spanned neighborhoods and property types, but all involved high-profile buildings with well-capitalized owners.

All told, lenders on the five largest deals in Manhattan parted ways with almost $5.6 billion.

Here are more details.

Stuy Town shuffle | $3.15B | Stuyvesant Town

Wells Fargo provided a $3.15 billion loan to refinance Blackstone’s Stuyvesant Town-Peter Cooper Village as a $3 billion debt from Fannie Mae backing Manhattan’s largest apartment complex was nearing maturity. Since purchasing the complex alongside a Canadian pension fund for $5.5 billion in 2015, Blackstone has invested $460 million into the property. That includes renovations, expansions and the installation of 9,600 solar panels. All of the 11,250 units are rent-stabilized.

Conversion cash-in | $835M | Financial District

Apollo and GIC provided an $835 million loan to refinance 25 Water Street, the 1,320-unit office-to-residential conversion by GFP Real Estate, Metro Loft and Rockwood Capital. The fresh financing replaced a $536 million loan from Michael Dell’s MSD Partners and Apollo Commercial Real Estate Finance. At the time in 2022, the loan was the largest for an office-to-residential conversion in United States history. Leasing began at the former 1.1 million-square-foot office property — dubbed SoMA for South Manhattan — in the last days of January 2025 and move-ins began the following month.

Supertall haul | $640M | Midtown

Carlyle Group provided a $640 million condo inventory loan for Rabina’s supertall at 520 Fifth Avenue. The fresh financing replaces a $540 million construction loan from Bank OZK and Carlyle’s Global Credit business as the mixed-use tower transitions to leasing and sales. The 1,000-foot project located near the Empire State Building now stands as the tallest tower on Fifth Avenue in that stretch of Midtown. The property combines 25 floors of offices and 100 luxury condominiums. Condo sales launched in April 2024 and the building’s private club, Moss, opened in November and the offices are open for tenant move-ins.

KKR ca-ching | $500M | Hudson Yards

Bank of America provided a $500 million loan to KKR for two office condominiums at 30 Hudson Yards. The fresh financing replaced a $490 million loan from Deutsche Bank. KKR purchased the top 10 office floors of the building, spanning about 343,000 square feet, in 2015 and moved its corporate offices there. It later inked a 220,000-square-foot lease for space vacated by Facebook parent company Meta Platforms. The company also bought a majority stake in the observation deck – the tallest outdoor deck in the Western hemisphere – for more than $500 million in 2021.

Retail refi | $450M | Midtown

Credit Agricole provided a $450 million loan for the retail portion of 715-717 Fifth Avenue after Kering sold a 60 percent stake in the property to private equity firm Ardian. Kering bought the 115,000-square-foot property about two years ago from Jeff Sutton and SL Green for $963 million. The parent company of Gucci, Balenciaga and Alexander McQueen scored $690 million in proceeds in the deal, which valued the property at $900 million. Kering has been looking to offload properties to improve its balance sheet after its debt soared to approximately $12 billion at the end of 2024.