New York City rents have made a major comeback, returning the city to its status as the country’s most expensive housing market and increasing the value of its residential properties. Lenders, it seems, have taken note.
Large rental complexes attracted the biggest loans last month, as the debt of thousands of residential units was refinanced. The 10 biggest loans in the outer boroughs totaled $ 749 million in November, well below the $ 1.3 billion of the top 10 last month and November 2020.
Brooklyn led the way last month with six of the biggest home loans. The projects in Queens got three main loans while the Bronx had one. Here is the list :
1. Beach | $ 157 million
Texas-based New Point Real Estate Capital loaned $ 157 million to Rubin Schron’s international rental complex at Cammeby’s in Bath Beach, Brooklyn, including $ 56 million in new debt. The complex spans one million square feet and has 1,344 residential units at 1483 Shore Parkway, 8831 20th Avenue and 2064 Cropsey Avenue.
2. Williamsbridge | $ 130 million
Taconic Investment Partners and Clarion Partners have received $ 130 million in loan proceeds, including $ 15 million in new debt, from Wells Fargo at its Eastchester Heights apartment complex in Williamsbridge, Bronx. The complex spans 1.2 million square feet and has 1,416 residential units at 3485 Corsa Avenue, 1400 Hicks Street, 3444 Fish Avenue, 3438 Wilson Avenue and 3437 Eastchester Road.
3. Pi is served | $ 75 million
Signature Bank has loaned $ 75 million, including $ 15 million in new debt, to Pi Capital Partners at its Elm West rental complex in Elmhurst, Queens. The debt is secured by 51-35 Reeder Street, one of three buildings in the complex, which spans 207,000 square feet and has 142 apartments. The entire complex contains 269 apartments.
4. The Rise of Rabsky | $ 99 million
The Rabsky Group has secured $ 99 million from Goldman Sachs to build a 45,500 square foot mixed-use building with 225 residential units at 61 Adams Street, also known as 69 Adams Street, in Dumbo. The proceeds include $ 17.2 million for the purchase of air rights. Rabsky bought the Brooklyn plot from Jehovah’s Witnesses in 2016 for $ 65 million.
5. From Guyana to Jamaica | $ 65 million
Zara Realty has received $ 65 million in construction funding from Arbor Realty Trust to construct a 218,000 square foot building with 233 residential units at 153-10 88th Avenue in Jamaica, Queens. Some 30 percent of the units will be affordable under the city’s mandatory inclusive housing policy. Zara was founded in 1982 by immigrants from Guyana.
6. A clean slate | $ 66 million
Slate Property Group has loaned Bruman Realty $ 65.9 million – including $ 58 million in new construction financing – for a 171,500 square foot building with 165 residential units at 26-25 Fourth Street in Astoria, Queens. Bruman will set aside 30 percent of the units as affordable.
7. Plan B | $ 45 million
FM Capital and LIVWRK have refinanced 160 Van Brunt Street, an office conversion project in Red Hook, with a $ 45 million loan from Signature Bank. Tenants in the Brooklyn apartment building, which was bought for more than $ 60 million but was not sold, included Tesla, New York University and Starbucks’ Italian bakery Princi. The loan includes $ 1.8 million in new variance funds.
8. Nurse loan | $ 39 million
Liebel Rubin refinanced a 162,000 square foot retirement home at 691 92nd Street in Dyker Heights, Brooklyn, with $ 39 million from Sterling National Bank. The loan consolidates the previous debt. Rubin bought the nursing home in 2010 for $ 20 million and earlier this year a 63,000 square foot nursing home in Corona, Queens for $ 15 million.
9. Fresh Mynty | $ 37 million
Rivky Brach received $ 37.25 million in financing, including $ 5.7 million in new debt, for its purchase of 756 Myrtle Avenue in Brooklyn. Signature Bank was the lender. Brach bought the 107,000-square-foot rental property, known as MYNT, for $ 49 million, down $ 3 million from its 2016 price.
10. Demo | $ 36 million
Urban Realty Partners used $ 36 million from Popular Bank to take over a development site in Vinegar Hill, Brooklyn, for nearly $ 50 million. Demolition permits were filed at the site, which has a development potential of 147,000 square feet, at the end of November.