Some of Manhattan’s most prominent properties secured significant loans in December, with the five largest deals totaling nearly $5.6 billion. These transactions involved a range of high-profile buildings across different neighborhoods and property types.
Wells Fargo issued a $3.15 billion loan to refinance Blackstone’s Stuyvesant Town-Peter Cooper Village as an existing $3 billion debt from Fannie Mae approached maturity. Since acquiring the complex for $5.5 billion in 2015 with a Canadian pension fund, Blackstone has invested $460 million into renovations, expansions, and solar panel installations at the property, which consists entirely of rent-stabilized units.
Apollo and GIC arranged an $835 million loan to refinance 25 Water Street, a large office-to-residential conversion led by GFP Real Estate, Metro Loft, and Rockwood Capital. This new financing replaced a previous $536 million loan from MSD Partners and Apollo Commercial Real Estate Finance. Leasing at the SoMA building began in late January 2025, followed by tenant move-ins in February.
Carlyle Group provided a $640 million condo inventory loan for Rabina’s supertall tower at 520 Fifth Avenue. The new financing replaces earlier construction loans as the mixed-use project transitions to leasing and sales phases. The building now stands as the tallest on its stretch of Fifth Avenue near the Empire State Building and includes both office space and luxury condominiums.
Bank of America extended a $500 million loan to KKR for two office condominiums at 30 Hudson Yards, replacing prior financing from Deutsche Bank. KKR acquired these floors in 2015 for its corporate offices and later leased additional space formerly occupied by Meta Platforms.
Credit Agricole supplied a $450 million loan for the retail section of 715-717 Fifth Avenue after Kering sold a majority stake in the property to Ardian. Kering had previously purchased this site for nearly $1 billion about two years ago but has since been selling assets to address increased debt levels.
These transactions reflect ongoing investment activity among major owners and lenders within Manhattan’s real estate market.
