Selling Signature’s Loans

In the latest twist in the latest banking crisis, federal regulators hired brokerage Newmark to sell roughly $60 billion in loans originated by the failed Signature Bank. Also, New York’s Metropolitan Transportation Authority would like to unload some prime retail space in its new Grand Central Madison extension next to Grand Central Terminal. Find out the details on both.

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— Tom Acitelli, Co-Deputy Editor

Newmark to Shepherd Sale of $60B in Signature Loans

The federal government is leaning on the private sector to help unwind Signature Bank’s vast commercial real estate loan portfolio. The Federal Deposit Insurance Corporation (FDIC) has tapped Newmark to sell roughly $60 billion of loans originated by Signature, which failed earlier this month amid a wider regional banking crisis. The news was first reported by The Wall Street Journal. Manhattan-based Signature, one of the top lenders of commercial real estate loans in all of New York City, was seized by federal regulators on March 12 shortly after the collapse of California-based Silvergate Bank on March 8 and Silicon Valley Bank on March 10. Signature held more than $110 billion in assets and roughly $88 billion in deposits prior to its collapse, according to the firm’s annual report.

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The MTA Wants One Master Tenant for Its Grand Central Madison Retail

The last thing most people equate a transit hub like Grand Central Terminal with is a shopping mall. But the amount of retail spaces within its many corridors gives many visitors the opposite impression. Grand Central has places to buy meals, groceries, everyday essentials, and even a place to absorb some old-world ambiance over a glass of wine. On the heels of the February opening of the 700,000-square-foot Grand Central Madison — that two-decade-long and nearly $13 billion project to connect Grand Central Terminal to the Long Island Rail Road — one would think the retail component of the addition would have been fully leased up prior to welcoming commuters.

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