Elrock Capital arranges commercial real estate financing in New York City, including construction loans, bridge loans, permanent debt, preferred equity, mezzanine debt, and joint venture equity for projects from $10 million to more than $100 million. We match New York sponsors with the private debt funds, family offices, banks, credit unions, life companies, and CMBS lenders most active in the New York market.
U.S. market by total CRE investment volume, year after year
Of office inventory in Manhattan, the largest CBD in the country
Rental apartments citywide, the largest inventory in the nation
NYC-area markets climbing the ULI/PwC 2026 rankings
New York remains the deepest, most liquid commercial real estate market in the country, and sentiment has swung firmly back in its favor: Manhattan, Brooklyn, and the other boroughs all climbed the ULI/PwC Emerging Trends rankings for 2026 as office demand recovered and housing scarcity kept residential fundamentals tight. Scale is the defining feature here, on both the asset side and the capital side.For sponsors, New York rewards precise capital targeting. Every lender type is present, but appetite varies sharply by borough, asset class, and structure, and local execution details drive real economics. Elrock positions deals around those distinctions rather than treating the market as one audience.
Finance, technology, media, and healthcare anchor the country's largest employment base, and return-to-office momentum has translated into genuine leasing depth for well-located buildings. A structural housing shortage, reinforced by the city's recent rezoning efforts to add capacity, keeps multifamily demand durable across all five boroughs.Office-to-residential conversion has become a real pipeline downtown and in Midtown side-street product, transit anchors like the Penn Station district and Grand Central continue to attract redevelopment capital, and Brooklyn and Long Island City have matured into institutional markets in their own right.
Multifamily is the market's workhorse, from ground-up development in Brooklyn and Queens to free-market repositioning in Manhattan. Office capital has bifurcated: trophy and well-amenitized buildings finance well while commodity product trades at conversion basis, which itself has become a financeable strategy. Industrial and last-mile logistics in the outer boroughs remain scarce and tightly held, retail has stabilized along prime corridors, and hospitality benefits from the strongest tourism base in the country.
Midtown and Hudson Yards for institutional office; the Financial District and Water Street corridor for conversion activity; Brooklyn's Williamsburg, Greenpoint, and Downtown for multifamily and mixed-use; Long Island City for residential scale; the Bronx for industrial and workforce housing; and Harlem and Upper Manhattan for value-add residential. Each submarket carries its own lender list, and matching that list is half the execution.
Banks, life companies, debt funds, family offices, and CMBS are all active, and agency lenders remain the backbone of stabilized multifamily. New York execution turns on local mechanics: mortgage recording tax makes CEMA assignment structures standard practice on refinances, rent regulation defines which multifamily strategies lenders will underwrite, and Local Law 97 carbon compliance now shows up in capital expenditure budgets on older buildings. We build all three into sizing conversations before terms are circulated.
Elrock arranges construction loans, bridge loans, permanent financing, subordinate financing such as preferred equity and mezzanine debt, and joint venture equity across the New York market, typically on projects from $10 million to more than $100 million and selectively lower.
Lenders underwrite regulated and free-market units very differently. Stabilized buildings with heavy regulated rosters price for limited upside, while free-market and newly developed product draws the full field of agency, bank, and debt fund capital. We structure the capital raise around the actual rent roll composition rather than a blended story.
Yes. Conversions have become an established financing category in New York, typically funded by debt funds and family offices during the conversion phase with bank or agency takeouts once the building stabilizes as residential. Basis, floor-plate suitability, and zoning eligibility drive lender interest.
A consolidation, extension, and modification agreement lets a borrower assign an existing mortgage to the new lender rather than recording a new one, which can substantially reduce New York mortgage recording tax. Most sophisticated lenders in the market will cooperate, and we account for CEMA timing in every New York refinance we run.
Our target range is $10 million to more than $100 million, selectively lower, across construction, refinance, acquisition, and value-add scenarios for most property types.
