3 Things To Know About Commercial Real Estate Lending in NYC in Early 2017

How’s commercial real estate lending doing in New York these days? Who was the Big Apple’s top CRE lender in early 2017? Who issued more money in New York City commercial real estate financing early this year than in previous quarters, and who issued less?

Read on for some highlights of CrediFi’s NYC Lending Spotlight for Q1 2017.

Stabilized Lending

A comparison between Q1 2016 and Q1 2017 shows that commercial real estate lending in New York City stayed flat, at $18 billion, in the same period year-over-year – an improvement over the 10% year-over-year drop from Q1 2015 to Q1 2016.

This appears to be an early indication that NYC loan origination may be stabilizing.

A previous analysis of full-year data showed that commercial real estate lending in New York City declined 17% from 2015 to 2016, to $82 billion, as CrediFi reported in the Q4 2016 Lending Spotlight.

Morgan Stanley: No. 1 NYC Lender

This year’s top Q1 commercial real estate lender in New York City was Morgan Stanley, which originated over $1 billion in NYC commercial real estate loans in the quarter and had a market share of 6%.

Morgan Stanley was the lender behind two of the quarter’s biggest NYC loans, both for office towers in Manhattan, which propelled it to the top lender spot. Lenders that tend to issue fewer loans, like Morgan Stanley, typically exhibit more volatility in our rankings. (See more in Notable New York City Loans.)

New York’s Signature Bank was the No. 2 lender in Q1, with a market share of 6% and over $900 million in commercial real estate loans in NYC, and Germany’s Deutsche Bank came in at No. 3, with over $700 million in loans. Deutsche, Wells Fargo and New York Community Bank each had a market share of 4%.

More Financing from Wells Fargo

CrediFi’s lender comparison shows that Wells Fargo, the No. 4 lender in Q1 2017, more than doubled the amount of money it put into commercial real estate origination in New York City compared with Q1 2016.

Lenders whose loan origination (by dollar amount) decreased in Q1 2017 compared with both the previous quarter and the same quarter last year include Signature Bank, which ranked as No. 2 in Q1 2017, JPMorgan (No. 6) and Citigroup (No. 10).

To download the entire Lending Spotlight, click here.

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Alex Veksler

Head of Content

Alex Veksler has 16 years of finance, data analysis and project management experience. He is a former vice president at Morgan Stanley, where he worked on product control of equity and fixed-income derivatives products as well as various projects involving finance and technology, such as revamping risk attribution and balance-sheet systems for profits and losses. Alex has previously worked at hedge funds, most recently as a director at Exigent Capital. He has a bachelor’s in computer science from Yeshiva University and an MBA from New York University.

Ely Razin

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Ely Razin founded CrediFi in 2014 with Battery Ventures. A rare combination of seasoned corporate executive and technology entrepreneur, Ely previously served as global head of board governance for Thomson Reuters Accelus and head of business law for Thomson Reuters, after the software company he founded was acquired in 2004. The company, Expert Ease Software, developed AI-based software that automatically summarizes key deal terms for transactions in fields including capital markets, M&A and real estate. Ely began his career as a corporate and securities lawyer, and holds an LLB and MBA from York University.

Frank Muhlon

Head of Transactions

Frank Muhlon oversees CredifX, the commercial real estate financing marketplace that mines the CrediFi database at its core. Prior to joining CrediFi, Frank served as vice president of Northeast region business operations for online CRE property trading platform Ten-X, which has closed over $40 billion in transactions since its inception. He has also held key positions at Orix USA/Houlihan Lokey, Silverstein Properties and Trammell Crow Company. Frank received his master’s degree in real estate finance from New York University and his bachelor’s in finance from Rutgers University.

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