Real Estate Financing on the Rise in New York City

Following two years of “sharp contraction, real estate lending in New York City is showing signs of life.” According to an analysis by The Real Deal of “mortgages recorded in city records from August 2024 through July 2025 compared with the year before,” lending over the past 12 months among the top 20 lenders totaled $23 billion, representing a 60% increase year-over-year. The continued stabilization of the real estate market is bringing lenders back to the table with JPMorgan Chase leading the way, accounting for “almost $4 billion in loans, up from $2.1 billion a year ago.” Wells Fargo nearly doubled the dollar volume of new lending, closing on about $2.7 billion in total volume over the past year, while Citibank followed with about $1.7 billion in real estate financing, more than double its total dollar volume in the previous year. The number of loans issued by the top 20 lenders also increased by 11% year-over-year and the number of triple-digit loans doubled from 60 to 129. Despite traditional banks continuing to dominate, not all lenders are rushing back into the real estate market, such as Valley National Bank and Deutsche Bank, both seeing a 40% lowering of loan dollar volume during the same period. Further signs of the return of real estate financing are the “handful of alternative and nonbank lenders” that have joined the ranks, The Real Deal article citing Madison Realty Capital and Société Générale Financial Corporation among them. Helping to fuel the momentum is a growing clarity as to the direction of the city’s market recovery, however “office lending remained muted, except for Class A trophy towers,” in contrast to the multifamily sector which “accounted for the largest share of new financing deals.”

Source:    https://therealdeal.com/magazine/november-2025/new-york-is-in-the-money-again/