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Only two loans worth more than $100 million — for the acquisitions of 265-275 Cherry Street and 15 Park Row in Lower Manhattan — were recorded in February. (WikiMedia, Asland)
The 10 largest Manhattan loans recorded in February totaled $700 million, a 63 percent decline from January’s total.
Seasonality may have been a factor in the drop in activity, as February was also a slow month for real estate lending in 2019 and 2020. This February wasn’t the slowest month since the start of the pandemic, however — that was August, when the top 10 Manhattan real estate loans totaled just $428 million.
As was the case in August, lending volume in the outer boroughs was actually greater than in Manhattan last month. Only two loans worth more than $100 million were recorded in the borough in February: a pair of acquisition loans for properties in Lower Manhattan.