January 2014’s data reflects mortgages recorded by the New York City Department of Finance as this issue was going to press. Despite several factors, among them the regular end of the year rush and the chatter around commercial real estate’s reaction to a de Blasio mayoralty, activity slowed between October and November 2013.
Refinances vs. Purchases
Both purchases and refinances fell off in November 2013. Looking back a year, November 2013’s totals were down all the way from 757.
Total Sales by Borough
With the end of the year approaching, sales rose in Manhattan but declined in the other boroughs studied. Activity in the Bronx fell to nearly half that seen in November 2012.
Top 10 Lenders
Catapulting Signature Bank to the top of transactions for November 2013 was Rainbow Estate Group’s purchase of several Upper West Side buildings from Baruch Singer. Public records show the bank provided $214.4 million for the portfolio’s purchase.
|Bank||Oct 2013||Bank||Nov 2013|
|New York Community Bank||93||Signature Bank||156|
|Signature Bank||46||New York Community Bank||152|
|J.P.Morgan Chase||45||Capital One||131|
|Astoria Federal Savings Bank||40||Flushing Bank||126|
|Flushing Bank||27||Astoria Federal Savings Bank||124|
|Capital One||22||J.P.Morgan Chase||124|
|BankUnited||19||People’s United Bank||122|
|Valley National Bank||17||TD Bank||121|
|People’s United Bank||16||Investors Bank||120|
|Dime Savings Bank of Williamsburgh||16||Wells Fargo||115|
Most Active ZIP Codes—Financing
The Upper West Side saw a lot of activity for November 2013, which was not surprising given the dozens of buildings Rainbow Estates Group picked up there (see above).
|ZIP Code||Oct 2013||ZIP Code||Nov 2013|
Data courtesy of Actovia