These were the top outer borough real estate loans in February A $246M loan to Clipper Realty topped the list
Clockwise from top left: 75-20 Astoria Boulevard, Flatbush Gardens and 123 Linden Boulevard
Large loan origination in the outer boroughs slowed down slightly in February.
While January saw two loans for $300 million or more and the overall top 10 financings of the month had a value of more than $1.3 billion, no loan topped $250 million in February, and the top 10 financings totaled $1.1 billion.
The largest deal of the month was $246 million loan from New York Community Bank to Clipper Realty, followed by a $230 million loan from the Port Authority to MCR Development.
Brooklyn and Queens each took four spots on the list, while the Bronx had two. The full list of top loans for February is as follows:
1) New York Clippers — $246 million Clipper Realty scored a $246 million loan from New York Community Bank to replace debt on Flatbush Gardens in Brooklyn. The company had paid off mortgage loans of about $168 million on Flatbush Gardens, and the refinancing lowers its interest rates and provides added liquidity. Clipper Realty, led by David Bistricer, purchased the 59-building residential complex in 2005 for $138.2 million through Renaissance Equity Holdings.
2) Hotel fit for a Queen — $230 million Queens made its debut on the list at the No. 2 spot with a $230 million loan from M T Bank to MCR Development for the redevelopment of the TWA Flight Center (the city provided an address of 154-68 Brookville Boulevard for the historic building) within John F. Kennedy International Airport. The Port Authority of New York and New Jersey is the lessor for the building. (The Port Authority is identified as a co-mortgagee on the loan, as part of a financial structure for the project.)
3) Linden Boulevard represent, represent — $137 million A fund run by the Moinian Group provided developer Solomon Feder’s project at 123 Linden Boulevard in Flatbush with a $137 million loan, landing the No. 3 spot in February. The company took a nearly 50 percent stake in Feder’s conversion of the nursing home site into a 487-unit rental building last March, a deal that also saw the company invest up to almost $20 million in the project.
4) Queen Victoria Towers — $94 million Bluestone Group lent Jeffrey Wu $94 million for his Victoria Towers project in Flushing. The loan is for 15 residential units, one commercial unit and a parking garage in Victoria Towers at 133-38 Sanford Avenue, as well as an adjacent 100,500-square-foot grocery commercial building at 41-60 Main Street.
5) Crazy 88 — $88 million The New York State Common Retirement Fund got in on the action in February as well, making an $88 million loan to Blumenfeld Development for its Bulova Corporate Center at 75-20 Astoria Boulevard in East Elmhurst near LaGuardia Airport. Delta Airlines signed a 30,000-square-foot sublease at the center in 2016, and other tenants include the New York City Department of Corrections and the Queens Chamber of Commerce.