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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.