Durst Organization, Paramount Group, and REITs Top Manhattan's August Loans with Big Money Office Deals
Manhattan's debt markets remained hot in August as top developers secured billions in refinancing for their notable office towers, highlighting lenders' interest in prime Manhattan properties.
The Durst Organization, Paramount Group, and REITs were the names to watch in Manhattan's debt markets this August, as they secured major refinancing deals for their office towers in prime locations. These deals, totaling over $4 billion, demonstrate the continued appetite of lenders for prime Manhattan properties.
Leading the pack was the Durst Organization, which secured a massive $1.3 billion deal for its Times Square tower. This deal was closely followed by Paramount Group's $900 million loan for its Sixth Avenue tower, which came just before the office landlord was sold to the highest bidder. On the residential side, Miki Naftali and Josh Gotlib secured financing for their recently-launched REIT, further adding to the total.
These deals highlight the influence and financial power of top developers in the Manhattan real estate market. While some may view these transactions as controversial or concerning, they ultimately demonstrate the continued demand for prime office and residential properties in the city.
"The fact that these top developers were able to secure such significant loans in the midst of a pandemic shows the strength and resilience of the Manhattan real estate market," said one industry expert. "Lenders are willing to bet big on these prime properties, and it's clear that they see them as solid investments despite any current challenges."
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/09/22/office-buildings-tops-manhattans-august-loans/