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From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
The 10 largest Manhattan real estate loans recorded in April totaled about $790 million, less than half of March’s total.
Once again, the commercial mortgage-backed securities market produced the month’s largest loan: a refinancing for a Midtown office tower on top of a USPS warehouse. It was also the month’s only loan of more than $100 million.
Here were the borough’s largest real estate loans in April:
1) You’ve got mail | $350 million
Vornado Realty Trust secured a $350 million refinancing for 909 Third Avenue from Citi Real Estate Funding, Bank of America and BMO Harris. The property has a 490,000-square-foot warehouse at its base, which serves as the United States Postal Service’s main mail processing facility in New York City. Major tenants in the office tower include advertising firm IPG DXTRA,
Office availability in Manhattan continues to reach new highs.
According to Colliers International’s monthly market report, the overall availability rate in November was 13.5 percent, slightly higher than the previous month’s rate and the highest number recorded since 2003.
In total, 790,000 square feet of office space was leased in November, down by nearly 80 percent compared to a year ago and down by 55 percent from October.
Manhattan’s Midtown and Midtown South submarkets set new availability records in November.
The availability rate in Midtown was 14.4 percent, up by 3.4 percentage points from a year ago and up by 0.5 percentage points from October. The rate in Midtown South was 12.8 percent, up by 4.6 percentage points from a year ago and up by 0.7 percentage points from October.