Signature Bank—the NYC-based regional bank that was shut down and taken over by federal regulators on Sunday—has been one of the top commercial real estate lenders in the city for the past decade.
The collapse of the bank, headquartered on Fifth Avenue, has blown a big hole in the already challenged financial ecosystem of CRE in NYC, experts say.
No other bank has issued a higher number of commercial real estate mortgages backed by New York City buildings since the beginning of 2020, according to an analysis by Pincus; only Wells Fargo and JPMorgan Chase have lent more money than Signature overall to CRE developers and building owners in NYC during the same period.
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