Press

Queens scored three of the top five largest loans in November, another sign that the unpretentious

outer borough has ascended the real estate throne.

The loans were spread across three different asset classes. Santa Monica-based Macerich reeled in

a $525 million refi at its 966,000-square-foot Queens Center mall. It was the REIT’s largest outstanding

loan.

The New York City Football Club scored $425 million for its planned 25,000-seat Willets Point stadium.

And Rockrose nabbed a $240 million refi for its 709-unit Long Island City rental building Linc LIC.

Meanwhile, in Manhattan, Dan Brodsky and his partners grabbed a $357 million construction loan for

their condo conversion of the Flatiron Building.

TRD broke down the five largest loans in Manhattan and the top five in the outer boroughs. Here are

more details.

JPMorgan Chase provided a $140 million construction loan for The Naftali Group’s development at 255 East 77th Street. This is the lender’s second loan at the Lenox Hill project; last year, JPMorgan and Barry Sternlicht’s Starwood Capital provided $236 million for the 62-unit, 500-foot-tall tall development. The debt was split between JPMorgan’s $195 million senior loan and Starwood’s $41

million in mezzanine debt. Naftali purchased the land for the condo project three years ago for $73 million. The building is set to span 190,000 square feet and has a projected sellout of $531.6 million, according to documents filed with the state attorney general.