New York City’s Top CRE Loans of April 2025

A giant LED billboard, along with several surrounding retail properties, landed the city’s largest loan in April, providing a $407 million cash infusion to Steven Roth’s real estate investment trust.

But lenders pumped the most cash into residential projects, providing a shot in the arm for several long-stalled developments, including Fortress Investment Group’s 125 Greenwich Street, KS Group’s Astoria Cove megadevelopment and Sioni Group and Isaac and Eli Chetrit’s much-anticipated Midtown South high-rise.

Bank of America, Bank of Montreal and Standard Chartered Bank all doled out dollars, and Citigroup originated loans for three outer borough properties, pointing to bank lenders creeping back into the market.

Only one office building — the Midtown tower that Aby Rosen’s RFR ceded to the lender — made the list of the city’s 10 biggest real estate loans in April. The Real Deal broke down the month’s five largest loans in Manhattan and the top five in the outer boroughs:

Billboard booty | $450M | Times Square

Goldman Sachs, Bank of America and Bank of Montreal provided a $450 million loan to Vornado Realty, secured by multiple Times Square retail properties. The five-year loan at a 6.3 percent interest rate is backed by 100,000 square feet of retail stores, the 1,600-seat Marquis Theater and a six-story billboard at 1535 Broadway, also home to the New York Marriott Marquis hotel. Vornado raked in $407 million after closing costs, boosting the developer’s cash on hand, according to a press release from the landlord. The property previously had no debt.

Supertall stimulus | $350M | Financial District

Starwood Property Trust provided a $350 million loan to Fortress Investment Group and its partners for 125 Greenwich Street, a Financial District condominium building that’s approaching completion. The joint venture had been looking to replace an existing $313 million construction loan from Northwind Group with cheaper financing, as well as replace the construction loan with a condo inventory loan. Construction on the luxury supertall stalled around 2019 when the Rafael Viñoly-designed tower was about 85 percent finished. Fortress, which held the debt, arrived as the project’s lead developer in 2023 and restarted it with the Northwind loan. It formally launched sales last year.

Cove cash | $300M | Astoria

S3 Capital provided a $300 million construction loan to Newark-based KS Group for its Astoria Cove megadevelopment. KS Group provided $62 million in equity as part of the financing for the long-stalled project in the Hallets Point section of Astoria, according to the Commercial Observer. The project dates back to 2014, when Alma Realty proposed more than 1,700 units at the site. Financing issues and fights over the affordable housing count derailed the development. KS joined the Astoria Cove project in September and plans to deliver more than 2,800 units across the three phases of the project.

High-rise hopes | $275M | Midtown South

Affinius Capital and Intervest provided a $275 million construction loan to Sioni Group and Isaac and Eli Chetrit’s AB & Sons for their much-anticipated Midtown South high-rise that’s been in the works for nearly two decades. The 311-unit residential development at 986 Sixth Avenue will have 284 multifamily units and 27 condo residences. The renderings show a striking 70-story rectangular glass building towering above nearby buildings. Ray Yadidi’s Sioni Group and AB & Sons started acquiring properties for the development in 2007.

Bidder bucks | $205M | Midtown

Igis Asset Management provided a $205 million loan to the Korean firm Daol Asset Management for its takeover of 285 Madison Avenue from Aby Rosen’s RFR. The investment firm, which doled out $200 million in mezzanine debt on the Midtown tower, took the asset at auction last month with a credit bid. The office building, which stands a few blocks from Grand Central, was reappraised at $300 million last summer — effectively half its 2017 value. Late last year, the bondholders on a $219 million CMBS loan slapped RFR with a pre-foreclosure filing after its second default of 2024.

Dorm dollars | $197M | Midtown

Standard Charter Bank provided a $197.4 million loan for Hawkins Way Capital’s student housing building at 569 Lexington Avenue. The Beverly Hills-based firm bought the 17-story building, a former DoubleTree by Hilton, for $146 million in 2022. The fresh financing replaces a $119 million loan from Apollo Global Management. Student housing company Found Study operates the building under a long-term leasehold. The City University of New York bought four timeshare condominiums in the building last month for almost $86 million, Crain’s reported.

99 and below | $166M | Boerum Hill

Scale Lending, the debt arm of Slate Property Group, provided a $166 million construction loan to Yitzchok Katz’s Goose Property Management for 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 fresh financing replaces a $100 million loan from H.I.G. Realty Partners. Once completed, the development will have 367 rental units ranging from studios to two-bedroom apartments, 9,700 square feet of commercial space and 40 parking spaces.

Good for the goose | $109M | Williamsburg

Apollo Global Management provided a $108.5 million loan to Yitzchok Katz’s Goose Property Management for its East Williamsburg rental property at 575 Grand Street. Katz’s firm secured the permanent financing for its 185-unit multifamily building following news that German discount grocer Lidl inked a long-term lease for just over 26,500 square feet at the property.

Hotel haul | $100M | Jamaica

Citigroup originated a $100 million CMBS loan for Chartwell Hospitality’s Marriott New York JFK Airport hotel. Proceeds from the five-year interest-only loan will go towards existing debt, closing costs and enhancements to the recently-completed 362-room hotel at 135-25 142nd Street, the Commercial Observer reported.

New wave | $88M | Williamsburg

Citigroup provided an $88 million loan to Joyland Group for a luxury apartment building in East Williamsburg. The fresh financing for the 138-unit development, known as The Wave, replaces a $60 million loan from Churchill Real Estate Holdings. The building at 828 Metropolitan has 9,700 square feet of commercial space and an indoor parking garage.