Condo Financing in NYC – Not Much Changed On the Top End

A brief look at the largest residential mortgages handed out in 2011, as compared to a similar list compiled for the pre-crisis period, leaves one with the impression that today financing is as widely available for condo owners and buyers as it was several years ago. That is at least for buyers of high-end condo apartments in Manhattan.

The top two mortgages from 2011 were actually higher than the top two handed out in the pre-crisis period. However, the largest one, a $37.5 million mortgage filed for a penthouse at the Time Warner Center, was not secured for buying purposes. The apartment which occupies the entire 76th floor of the Time Warner Center was bought in 2003 for $42.25 million by Mexican-born financier David Martinez, according to the NY Times.

A $24 million mortgage used to finance the largest condo sale in Q1 2011, a $48 M buy at the Plaza,  was the second largest handed out in 2011. According to Miller Samuel, cited by the NY Times, this was the highest price on record paid for a single condo unit in New York City.

Top 5 – 2011 Mortgage Amount Lender
25 Columbus Circle #SPH76 $37,500,000 JP Morgan Chase Bank
768 Fifth Avenue #1207 $24,000,000 Bank of America
200 East 65 Street #49FF $13,000,000 Brt Realty Trust
838 Fifth Avenue #1D $10,500,000 CitiMortgage Inc.
768 Fifth Avenue #501 $8,100,000 JP Morgan Chase Bank
Top 5 – Pre-Crisis Period
15 Central Park West #PH42 $35,000,000 Bank of New York
15 Central Park West #1819A $24,500,000 Mellon Trust of New England
15 Central Park West #1819C $21,000,000 HSBC Mortgage Corp.
1 Charles Street #RSU16 $16,000,000 Bank of America
2000 Broadway #PH3AB $15,000,000 Investec Bank (UK) Limited

No big suprises can be noted when analyzing the top banks that handed out large residential mortgages, of $1 million and above. The top is dominated by financial behemoths JP Morgan Chase Bank, Bank of America, Citi Group and Wells Fargo Bank. The only notable difference is First Republic Bank outpacing HSBC on fifth position, the former a much smaller financial institution compared to the later.

Time Warner Center
Time Warner Center - Largest Mortgage Secured for a Condo Apartment in 2011