The Ernst & Young offices at 5 Times Square and a financial district office tower at 110 William St. were among two of the largest commercial real estate loans in New York City in early 2017, totaling over $1 billion. Both were originated by Morgan Stanley, the top NYC commercial real estate lender in the first quarter of this year, CrediFi found in its New York City Lending Spotlight for Q1 2017.
The 39-story office tower at 5 Times Square (582 7th Ave.) is located one block east of Port Authority and was financed by a $782 million first mortgage. David Werner and RXR Realty hold the leasehold interest on the property.
Morgan Stanley also originated a $232 million loan for 110 William St., a 32-story office tower in Manhattan’s financial district. Taken together, the big loans helped boost Morgan Stanley to the top of the CrediFi Quarterly Ranking for NYC in Q1 2017, giving it a market share of 6%.
Other loans over $200 million in the same period include a $550 million loan for 200 Liberty St. that was issued by an investor group led by South Korea’s Kiwoom Asset Management and NongHyup Financial Group, a $327 million loan issued by Bank of New York Mellon to refinance NewYork-Presbyterian Brooklyn Methodist Hospital in Brooklyn’s Park Slope neighborhood, and a $290 million loan for the luxury hotel InterContinental New York Barclayon Lexington and 48th Street.
To download the entire Lending Spotlight, click here.