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3 Gowanus projects hooked $500 million in debt last month

NEWS 499Presdient_TRD_061023
Orion Jones - The Real Deal

Lenders smiled on Brooklyn and Queens last month as the two boroughs topped Manhattan on May’s list of the city’s largest real estate loans.

The 10 biggest financing deals totaled $1 billion, about half of which went to three projects in Gowanus, where developers are taking advantage of a neighborhood rezoning to build desperately needed housing.

The funding is only about half of the top-10 total of May 2022, when the Federal Reserve began its most aggressive push to raise interest rates since the 1980s.