NYC’s Top Commercial Real Estate Loans In February 2026

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Lenders doubled down on high-quality office towers in February, doling out dollars to Class A buildings across several submarkets.

Brookfield and Olayan Group each reeled in $800 million refinancings for marquee Manhattan properties, and Vornado landed a $525 million loan for its Midtown South office tower. In some cases, borrowers chipped in fresh equity to get deals across the finish line.

Capital flowed beyond office to self-storage and multifamily. A mysterious joint venture landed a $615 million loan for its massive self-storage acquisition across multiple boroughs, and Lendlease scored fresh financing for its sprawling multifamily development on the Greenpoint waterfront.

Brookfield booty | $800M | Financial District

Citi Real Estate Funding, JPMorgan Chase, Wells Fargo and Bank of Nova Scotia originated an $800 CMBS loan for Brookfield’s 225 Liberty Street, a 44-story, 2.4 million-square-foot office tower that’s part of Brookfield Place. The landlord chipped in about $173 million of fresh equity to help refinance a $900 million CMBS loan that dates back to 2016 and came due in February. The new loan carries a fixed rate of just under 5.9 percent on a five-year term, according to ratings agency KBRA. That’s a sizable increase from the prior loan’s 4.7 percent rate, according to S&P Global, reflecting the higher-cost capital environment facing even the best-in-class office assets. KBRA pegged the tower’s latest appraised value at $1.3 billion. The building was about 90 percent leased as of November, with Brookfield Properties itself the largest tenant, occupying more than 535,000 square feet.

Sony score | $800M | Midtown

ING Capital added $230 million of new debt to the existing $570 million loan balance on the Olayan Group’s revamped Midtown office building at 550 Madison Avenue, better known as the Sony building. ING issued the original loan in 2016, when Olayan purchased the 41-story, 800,000-square-foot Midtown building between East 55th and East 56th streets for $1.4 billion. The refinance comes nine months after global financial services firm Aquarian Holdings signed a lease for 75,000 square feet, boosting occupancy to about 96 percent. Olayan recently renovated the building, hiring Scott Rechler’s RXR as a development advisor and spending $300 million to redesign the lower floors and the lobby and to add retail windows to the pink facade.

Self-storage splurge | $615M | Brooklyn, Queens, Manhattan and Staten Island

Kayne Anderson provided a $615 million loan for a joint venture’s $1.03 billion purchase of a New York self-storage portfolio from Carlyle. Under the joint venture, Columbia, Missouri-based StorageMart holds a 20 percent stake while an unnamed sovereign wealth fund controls roughly 80 percent of the 15-property portfolio. Carlyle, the seller, will remain involved as asset manager for the sovereign investor. The transaction marks the largest self-storage deal in New York in five years. StorageMart will rebrand the newly acquired properties, located in Brooklyn, Queens, Manhattan and Staten Island, under its Manhattan Mini Storage banner.

Roth refi | $525M | Midtown South

Wells Fargo, Morgan Stanley, Goldman Sachs and PNC Bank provided a $525 million loan for

Vornado’s One Park Avenue office building in Midtown South. The fresh financing replaced a $525 million CMBS loan. The new loan has a two-year term, with three possible extensions, Crain’s reported. New York University occupies about 74 percent of the building. Vornado became the sole owner of the 945,000-square-foot Class A property in 2021, when it acquired the Canada Pension Plan Investment Board’s 45 percent stake for $158 million in cash and the assumption of the pension fund’s portion of the debt. The deal valued the 943,000-square-foot building at $875 million. The property’s appraised value has fallen slightly since then, to $840, according to Crain’s.

Java jolt | $450M | Greenpoint
Ares provided a $450 million loan for Lendlease’s massive rental complex at 1 Java Street, The Riverie. The two-tower, 834-unit luxury waterfront development is billed as one of the country’s largest geothermal-powered buildings. The first residents moved into the apartment complex earlier this year. It has nearly 14,000 square feet of retail space and an 18,000-square-foot waterfront park. Lendlease developed the mammoth 421a project in a joint venture with the Australian pension fund manager Aware Super after buying the 2.9-acre site in 2020 for $110.8 million.