Market Insights

The Big Global Bank that Led Commercial Real Estate Lending in NYC in 2017

A few months ago, CrediFi pegged San Francisco-based Wells Fargo as the frontrunner for 2017’s top loan originator of commercial mortgages in New York City. But year-end rankings showed Deutsche Bank emerging as the Big Apple’s leading CRE loan originator of 2017 after originating nearly $2 billion in Q4 alone.

Get the 2017 CRE report for New York City.

The German lender originated about $5.5 billion in commercial mortgages in the city over the year, giving it a 6% market share and landing it in the top lender spot for the second year in a row.

Deutsche Bank was propelled to the top in part because it participated in the financing of four of the largest CRE loans in New York City in 2017, for the General Motors Building, 50 Hudson Yards, 245 Park Ave. and the Bankers Trust Building, each of which received commercial mortgages of over $1 billion (more than $2 billion for the GM Building).

But this week Deutsche Bank announced that it was replacing CEO John Cryan with Christian Sewing, who has been at the bank more than 25 years and was most recently responsible for Deutsche Bank’s Private & Commercial Bank.

This has raised questions about where bank is headed, with a Wall Street Journal article this week suggesting that the move could signal a Deutsche Bank that is lower-profile and more regionally focused.

We’ll be keeping an eye on things to see if Deutsche looks to be heading for a third year in a row as top NYC lender, or seems to be moving in a different direction.

Read the full New York City Lending Spotlight for 2017.

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