Record CMBS Lending Spurs NYC’s Biggest Real Estate Deals

Among the most notable deals: Blackstone and Fisher Brothers secured an $850 million CMBS loan for the Midtown office tower at 1345 Sixth Avenue, coinciding with Blackstone acquiring a 49% stake in the property. In Tribeca, Vornado Realty Trust and Stellar Management locked in $675 million to refinance Independence Plaza, a massive three-building residential complex where 40% of the units are rent-regulated or affordable.

The CMBS boom isn’t confined to office and multifamily projects. Other major transactions include $562 million for the office-to-residential conversion at 5 Times Square, and $425 million for a 55-story condo tower planned in Long Island City. Even rent-stabilized portfolios, like a 2,000-unit Bronx deal, are getting financed through major institutional lenders.

Despite recent concerns over rising rates and distressed assets, these deals indicate that top-tier lenders and investors are finding creative ways to deploy capital in a shifting market — with CMBS playing a key role in enabling large-scale projects and strategic conversions throughout the five boroughs.